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Rent-To-Keep Rents Household Furnishings by the Month

Question 20

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Rent-To-Keep rents household furnishings by the month. At the end of a rental month a customer can: a) rent the item for another month, b) buy the item, or c) return the item. The matrix below describes the month-to-month transition probabilities for 32-inch stereo televisions the shop stocks. Rent-To-Keep rents household furnishings by the month. At the end of a rental month a customer can: a) rent the item for another month, b) buy the item, or c) return the item. The matrix below describes the month-to-month transition probabilities for 32-inch stereo televisions the shop stocks. What is the probability that a customer who rented a TV this month will eventually buy it? What is the probability that a customer who rented a TV this month will eventually buy it?

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a. .6
b....

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