Once a year company employees are given the opportunity to join one of three pension plans: A,B.or C. Once an employee decides to join one of these plans, the employee cannot drop the plan or switch to another plan. Past records indicate that each year 4% of employees elect to join plan A,14% elect to join plan B, 7% elect to join plan C, and the remainder do not join any plan.
(A) In the long run, what percentage of the employees will elect to join plan A? Plan fi? Plan C?
(B) On average, how many years will it take an employee to decide to join a plan?