To find the number of 5-bit strings is straight forward. We have 5 bits, and each can either be a 0 or a 1. So there are 2 choices for the first bit, 2 choices for the second, and so on. By the multiplicative principle, there are \(2 \cdot 2 \cdot 2\cdot 2 \cdot 2 = 2^5 = 32\) such strings.
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