After estimating the probability that an investment manager will exceed his benchmark return in each of the next two quarters, an analyst wants to forecast the probability that the investment manager...

After estimating the probability that an investment manager will exceed his benchmark return in each of the next two quarters, an analyst wants to forecast the probability that the investment manager will exceed his benchmark return over the two- quarter period in total. Assuming that each quarter’s performance is independent of the other, which probability rule should the analyst select? Please explain your answer and write the appropriate formula.