The probability that a car owner will become a car renter in five years is 0.03. The probability that a renter will become an owner in five years is 0.1. Suppose the proportions in the population are 64% owners (O), 35.5% renters (R) and 5% neither (N) with the following transition matrix. ORN O 0.940 0.060 0 R 0.120 0.879 0.001 N 0 32.000 0.680 Find the long-range probabilities for the three categories. OA. [0.940 0.879 0.001] B. [0.640 0,355 0.005] OC. (0.666 0.333 0.001] OD. [0.940 0.060 0] (BILB
The probability that a car owner will become a car renter in five years is 0.03. The probability that a renter will become an owner in five years is 0.1. Suppose the proportions in the population are 64% owners (O), 35.5% renters (R) and 5% neither (N) with the following transition matrix. ORN O 0.940 0.060 0 R 0.120 0.879 0.001 N 0 32.000 0.680 Find the long-range probabilities for the three categories. OA. [0.940 0.879 0.001] B. [0.640 0,355 0.005] OC. (0.666 0.333 0.001] OD. [0.940 0.060 0] (BILB
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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![The probability that a car owner will become a car renter in five years is 0.03. The probability that a renter will become an owner in five
years is 0.1. Suppose the proportions in the population are 64% owners (O), 35.5% renters (R) and 5% neither (N) with the following
transition matrix.
ORN
O 0.940 0.060
0
R 0.120 0.879 0.001
N
0 32.000 0.680
Find the long-range probabilities for the three categories.
OA. [0.940 0.879 0.001]
B. [0.640 0,355 0.005]
OC. (0.666 0.333 0.001]
OD. [0.940 0.060 0]
(BILB](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff31d497b-3620-469b-803c-c1a53df0f79e%2F964feb82-9d1d-4217-b6ba-90b53437ae40%2Fs2v0t3_processed.png&w=3840&q=75)
Transcribed Image Text:The probability that a car owner will become a car renter in five years is 0.03. The probability that a renter will become an owner in five
years is 0.1. Suppose the proportions in the population are 64% owners (O), 35.5% renters (R) and 5% neither (N) with the following
transition matrix.
ORN
O 0.940 0.060
0
R 0.120 0.879 0.001
N
0 32.000 0.680
Find the long-range probabilities for the three categories.
OA. [0.940 0.879 0.001]
B. [0.640 0,355 0.005]
OC. (0.666 0.333 0.001]
OD. [0.940 0.060 0]
(BILB
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