Final answer:
The probability of mutually exclusive events A or B occurring is the sum of their individual probabilities, which is 0.07.
Step-by-step explanation:
For two mutually exclusive events A and B, the probability that at least one of them occurs, which is P(A OR B), is the sum of their individual probabilities. According to the provided information, Event A has a probability of 0.05 and Event B has a probability of 0.02. Since they cannot occur simultaneously (mutually exclusive), you simply add their probabilities together to get the total probability of A or B occurring.
Therefore, P(A OR B) = P(A) + P(B) = 0.05 + 0.02 = 0.07.
The final answer is that the probability of Event A or Event B occurring is 0.07.