We know that voltage (V) is related to current and resistance by Ohm's Law:
$$
V = IR
$$
Now, we can substitute this expression for V into the power formula:
$$
P(IR) = \frac{(IR)^2}{R}
$$
Now, we can simplify the expression:
$$
P(IR) = \frac{I^2 R^2}{R}
$$
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