Question: please solve this question PROBLEM 3 - Markov Chain Analysis (20%) The Hergeshiemer Department Store wants to analyze the payment behavior of customers who have

please solve this question

PROBLEM 3 - Markov Chain Analysis (20%) The Hergeshiemer Department Store wants to analyze the payment behavior of customers who have outstanding accounts. The store's credit department has determined the following bill payment pattern for credit customers from historical records: Present Month Next Month Pay Not Pay Pay .9 .1 Not Pay .8 .2 Questions: a. If a customer did not pay his or her bill in the present month, what is the probability that the bill will not be paid in any of the next 3 months? b. Determine the steady-state probabilities for this transition matrix and explain what they mean

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