iPhone app updates are typically delayed by 12-24 hours. Each new version goes through a manual acceptance process with them. If when you click the flashing red game version in-game you don't see an "update" button in the app store, you just have to wait. Right now, however, we have confirmed that you should be able to do that.
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Computing the probability that at least one of the following events will occur:
P(a or b ... or z) = 1 - P(!a and !b ... and !z)
Probability
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