Suppose the probability of a flood in a given year at a certain place is 0.02. Thus, the probability of no flooding in a given year is 0.98.
It is clear that the probability of having a flood in each of 4 years is (0.02)^4.
What are the physical meanings and interpretations of (0.98)^4 and 1 - (0.02)^4 ??
Which one is the probability of no flooding in each of 4 years, and WHY ??? WHY does the alternate expression not work? Good concrete explanations needed. Multiple responses requested.