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How likely is intelligent life to exist in our galaxy? Why, hello Drake Equation, let's have a conversation!

I've always heard this is a great exercise to have over cocktails or at late night parties. A holiday week is perfect! Artist: @alancraddock01 #NfoLD #Astrobiology #Alien Image
What does this even mean? It's an equation to broadly estimate how many intelligent civilizations exist within our galaxy right now that we can communicate with. In this case, N = how many of those civilizations exist! How about those other terms?
R* = Average rate of star formation
Fp = Fraction of stars that have planets
Ne = Average # of planets that can chemically develop life
Fl = Do they actually develop life?
Fi = Develop intelligent life?
Fc = Develop advanced technology?
L = How long do they broadcast signals?
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