Incorrect
Explanation
The watermelon is 99 pounds water and 1 pound other stuff. After a few hours, 98% of its weight is water, so the total weight is 50 pounds. 50 pounds - 1 pound other stuff = 49 pounds water. So 99 pounds - 49 pounds = 50 pounds water lost.
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What's the first rule of Fight Club in 'Fight Club'?