Total collected: $44.16 - If "Yes" wins: Payout = $50 (50 Yes shares), Loss = $50 - $44.16 = $5.84 - If "No" wins: Payout = $26 (26 No shares), Profit = $44.16 - $26 = $18.16 - Maximum possible loss was $24.25; actual worst case is $5.84 --- well within budget