Raid 5 problem

Although there is a Thread on Raid topic, but i still have a doubt
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Hi,

m planning to have a server with Raid5(3 X 40), Cpanel/Linux 7.3

what r the complications that i can have if i go along with this configurations and How should i partition the HDD, so that i can keep Daily Backups on one of the three drives. ?

thanks/-

 

 

 

 

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