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Difficulty: Medium
Category: Betting Games
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Topics: probability, variance, expected-value, independent-events, mental-math
You are simultaneously placing two independent bets. Bet A: You risk 100 dollars to win 50 dollars. The probability of winning is 60%. Bet B: You risk 50 dollars to win 100 dollars. The probability of winning is 40%. What is the variance of your total profit/loss from these two bets combined?
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