A financial analyst has determined that there is a 22% probability that a mutual fund will outperform

Question:

A financial analyst has determined that there is a 22% probability that a mutual fund will outperform the market over a 1-year period provided that it outperformed the market the previous year. If only 15% of outperform the market during any year, what is the probability that a mutual fund will outperform the market 2 years in a row?

Mutual Funds
Mutual funds are like a pool of funds gathered by different small investors that have simalar investment perspective about returns on their investments. These funds are managed by professional investment managers who act smartly on behalf of the...