Question: An engineering professor purchases a new computer every two years with preferences for the three model: M1, M2, and M3. If the present model is
An engineering professor purchases a new computer every two years
with preferences for the three model: M1, M2, and M3. If the present
model is M1, the next computer may be M2 with probability .2, or M3
with probability 0.15. If present model is M2, the probabilities of
switching to M1 and M3 are 0.6 and 0.25, respectively. And, if the
present model is M3, then the probabilities of switching to M1 and M2
are 0.5 and 0.1, respectively. Represent the situation as a Markov chain
and determine the probability that the professor will purchase the
current model in four years
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