Here are the essential concepts you must grasp in order to answer the question correctly.
Probability Basics
Probability is a measure of the likelihood that an event will occur, expressed as a number between 0 and 1. A probability of 0 indicates an impossible event, while a probability of 1 indicates a certain event. In this context, the probability of a flood occurring in any given year is 0.2, meaning there is a 20% chance of a flood happening.
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Independent Events
Independent events are those whose outcomes do not affect each other. In this scenario, the occurrence of a flood in one year does not influence the probability of a flood in the following years. Therefore, to find the probability of floods occurring over multiple years, we can multiply the probabilities of each individual event.
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Multiplication Rule of Probability
The multiplication rule states that the probability of two or more independent events occurring together is the product of their individual probabilities. For three consecutive years with a flood probability of 0.2, the overall probability of floods in all three years is calculated as 0.2 multiplied by itself three times, or (0.2)^3.
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