i don't think that is correct. I think it should be 2mn.
since a particular word can be in 2n states and since there are m such words.
Let's take an example. say we have 3 words of 2 bits each then :
word1 word2 word3
00 00 00
01 01 01
10 10 10
11 11 11
so states of the machine can be represented as triplets :
{(0,0),(0,0),(0,0)} {(0,0),(0,0),(0,1)} {(0,0),(0,0),(1,0)} {(0,0),(0,0),(1,1)}
{(0,0),(0,1),(0,0)} {(0,0),(0,1),(0,1)} {(0,0),(0,1),(1,0)} {(0,0),(0,1),(1,1)}
{(0,0),(1,0),(0,0)} {(0,0),(1,0),(0,1)} {(0,0),(1,0),(1,0)} {(0,0),(1,0),(1,1)}
{(0,0),(1,1),(0,0)} {(0,0),(1,1),(0,1)} {(0,0),(1,1),(1,0)} {(0,0),(1,1),(1,1)}
these are different words combinations, even if one can be reached by rearranging the other. But since the registers are different so they are different combinations.
so there are 22+2 states for the first state of the first word.
so there are 22*(22+2) = 22+2+2 = 26
so for general case this should be 2m*n
@arjun sir please verify if i am correct if wrong state the reason.