The Registrar of a Law School Has Compiled the Following

Essay

The registrar of a law school has compiled the following statistics on the progress of the school's students working toward the LLB degree: Of the first-year students in a particular year, 85% successfully complete their course of studies and move on to the second year, whereas 15% drop out of the program; of the second-year students in a particular year, 92% go on to the third year, whereas 8% drop out of the program; of the third-year students in a particular year, 98% go on to graduate at the end of the year, whereas 2% drop out of the program.
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Construct the transition matrix associated with the Markov process.
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Please round the answers to the nearest thousandth, if necessary.
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Find the steady-state matrix.
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Determine the probability that a beginning law student enrolled in the program will go on to graduate.