Permutation Question

A system that runs successfully needs 5 components to function properly. Each component is either operable (o) or inoperable (i). Thus the sequence OOOOi denots a state in which all components except the last component are operable.

How many states are possible?

I know the answer is 2^5 = 32, but how would I represent this as a permutation. Thanks.
 
Any ideas?
 

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