Chapter 9.3, Problem 64E

Pensions. Once a year company employees 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 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 average, how many years will it take an employee to decide to join a plan?