What are the advantages of RAID?

What are the advantages of RAID? 
“Redundant Array of Inexpensive Disks”
Depending on how we configure the array, we can have the
- data mirrored [RAID 0] (duplicate copies on separate drives)
- striped [RAID 1] (interleaved across several drives), or
- parity protected [RAID 5](extra data written to identify errors).
These can be used in combination to deliver the balance of performance and reliability that the user requires.

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