Write a well-documented MATLAB script that simulates 100,000 transitions of the Markov chain and find the number of times that the chain spends in each state; using these results find the long-run probabilities.

1. MarKov Chain (20 POINTs) In class we discussed the Markov chain with the following transition probabilities 0.45 0.48 0.07 P=1 0.05 0.70 0.25 0.01 0.50 0.49 We also showed that the long-run probabilities of the chain to be in each state can be found by evaluating Pm) where n is large enough. In this problem you will need to obtain the long-run probabilities differently. Write a well-documented MATLAB script that simulates 100,000 transitions of the Markov chain and find the mumber of tines that the chain spends in each state; using these results find the long-run probabilities 1. MarKov Chain (20 POINTs) In class we discussed the Markov chain with the following transition probabilities 0.45 0.48 0.07 P=1 0.05 0.70 0.25 0.01 0.50 0.49 We also showed that the long-run probabilities of the chain to be in each state can be found by evaluating Pm) where n is large enough. In this problem you will need to obtain the long-run probabilities differently. Write a well-documented MATLAB script that simulates 100,000 transitions of the Markov chain and find the mumber of tines that the chain spends in each state; using these results find the long-run probabilities