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Yes, the probability of flipping 4 tails in a row is 1/2^4= 1/16.  The probability of flipping 4 heads in a row is also 1/16.  The remaining 1- 1/16- 1/16= 1- 1/8= 7/8 is the probability of  the other possible combinations heads and tails.  There are 16 such combinations.  They are

HHHH

HHHT

HHTH

HHTT

THHH

THHT

THTH

THTT

TTHH

TTHT

TTTH

TTTT


Each of those 16 possible outcomes is "equally likely" so each has probability 1/16

HHHH and TTTT both have probability  1/16

HHHT, HHTH, HTHH, and THHH

THH

HTHT

HTTH

HTTT


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