A Detroit car rental business has a second outlet in Chicago. The company allows customers to make

Question:

A Detroit car rental business has a second outlet in Chicago. The company allows customers to make local rentals or one-way rentals to the other location. At the end of each month, one-eighth of the cars that start the month in Detroit will end up in Chicago, and one-twelfth of the cars that start the month in Chicago will end up in Detroit.
a. Write a transition matrix to represent this situation.
b. If there are 500 cars in each city at the start of operations, what would you expect the to be four months later? In the long run?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...