Question: Optional problem #4 - account receivables Accounts receivable have been grouped into the following states: State 1: Paid State 2: Bad debt State 3: 0-30

Optional problem #4 - account receivables

Optional problem #4 - account receivables Accounts receivable have been grouped into the following states: State 1: Paid State 2: Bad debt State 3: 0-30 days old State 4:31-60 days old Sixty percent of all new bills are paid before they are 30 days old. The remainder of these go to state 4. Seventy percent of all 30-day old bills are paid before they become 60 days old. If not paid, they are permanently classified as bad debts. (a) Draw the transition diagram for the 4 states and/or complete the one-month Markov transition matrix below. 1 (Paid) 2 (Bad) 3 (0-30) 4 (31-60) 1 (Paid) 1 0 2 (Bad) 3 (0-30) 4 (31-60) (b) What is the probability that an account in state 3 will be paid

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