Formation of words having length 5 by using 2 letters

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In how many ways can 5 letter words be formed with 2 letters - Y and N. Ex - YYYNN, NNNYY etc.

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For each position, you can either have a Y or an N. so for the first letter, there are 2 possibilities, the second letter also has 2 possibilities and so on. So you answer will be 2*2*2*2*2=$2^5=32$. Generalising it, for an m letter word with n letter possibilities and repitition will have a total of $n^m$ word possibilities