Suppose that the weather in a particular region behaves according to a Markov chain. Specifically, suppose that
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a. Write down the transition matrix for this Markov chain.
b. If Monday is a dry day, what is the probability that Wednesday will be wet?
c. In the long run, what will the distribution of wet and dry days be?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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