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Warren, a financial analyst has determined that there is an 8% probability that a mutual fund will outperform the market over a year period provided

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Warren, a financial analyst has determined that there is an 8% probability that a mutual fund will outperform the market over a year period provided that it outperformed the market the previous year. If only 3% of mutual funds outperform the market during any year. what is the probability that mutual fund will outperform the market 2 years in a row

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