of three pension plans, A, B, or C. Once an employee decides to join one of these plans, the employee cannot drop the plan or switch to another plan. Past records indicate that each year 4% of the employees elect to join plan A, 14% elect to join plan B, 7% elect to join plan C, and the remainder do not join any plan. (A) In the long run, what percentage of the employees will elect to join plan A? Plan B? Plan C? (B) On the average, how many years will it take an employee to decide to join a plan?
of three pension plans, A, B, or C. Once an employee decides to join one of these plans, the employee cannot drop the plan or switch to another plan. Past records indicate that each year 4% of the employees elect to join plan A, 14% elect to join plan B, 7% elect to join plan C, and the remainder do not join any plan. (A) In the long run, what percentage of the employees will elect to join plan A? Plan B? Plan C? (B) On the average, how many years will it take an employee to decide to join a plan?
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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5. Markov's Chains
Once a year employees at a company are given the opportunity to join one of three pension plans, A, B, or C. Once an employee decides to join one of these plans, the employee cannot drop the plan or switch to another plan. Past records indicate that each year 4% of the employees elect to join plan A, 14% elect to join plan B, 7% elect to join plan C, and the remainder do not join any plan.
(A) In the long run, what percentage of the employees will elect to join plan A? Plan B? Plan C?
(B) On the average, how many years will it take an employee to decide to join a plan?
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