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Preheat your oven to 325°F.
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In a medium skillet, combine 1/2 cup of sugar with the water and cook over high heat until deep a deep amber color (about 4 min), swirling the pan occasionally.
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Immediately pour the caramel into an 8-by-4 1/2-by-3in metal loaf pan.
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Make sure you evenly coat the bottom.
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Let caramel harden.
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In a bowl, whisk the remaining (1/2 c.) of sugar, the milk, cream, eggs, and egg yolks.
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Pour custard into the pan with hardened caramel.
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Set this pan in a small baking dish and add enough water in baking dish to reach halfway up the side of the pan.
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Bake for 50 min (or until set around the edges but slightly soft in center).
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Remove pan of custard from baking dish and let cool to room temperature.
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Refrigerate until chilled (at least 4 hours).
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Remove from pan by running a thin knife around the custard and flipping it onto a plate.
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Cut into slices and serve.