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

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?

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