The results of cricket matches between England and Australia have been found to be modeled by a
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Question:
The results of cricket matches between England and Australia have been found to be modeled by a Markov chain. The probability that England wins, loses, or draws is based on the result of the previous game, with the following transition matrix.
(a) Compute the transition matrix for the game after the next one, based on the result of the last game.
(b) Use your answer from part (a) to find the probability that, if England won the last game, England will win the game after the next one.
(c) Use your answer from part (a) to find the probability that, if Australia won the last game, England will win the game after the next one.
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Fundamentals of Investments
ISBN: 978-0132926171
3rd edition
Authors: Gordon J. Alexander, William F. Sharpe, Jeffery V. Bailey
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