At the end of a month, a large retail store classifies each of its customer’s accounts according to current (0), 30–60 days overdue (1), 60–90 days overdue (2), more than 90 days overdue (3). Their experience indicates that the accounts move from state to state according to a Markov chain with transition probability matrix:

In the long run what fraction of the accounts are in each category?

Transcribed Image Text:

0 1 2 3 1 1 0.1 0 0.9 0.8 0.5 0.1 0 2 0 0.2 0 0 0 0 3 0 0 0.5 0.9