Revolving credit, the name given to consumer eredit card systems, is a major source for borrowing and a source of revenue to lending institutions from both transaction fees and fees on late paid balances by the user. Many users are capable of paying the balance completely each month but some carry balances past the payment due date resulting in aging of the account. For this exercise the defined categories for classifying an account are based on the period when the account balance was fully paid. The categories are: 1 - 30 31 - 60 91 - 120 61 - 90 Account 2 billing Account 3 billing Account at least 4 billing 121 - 360 Account is current Account one billing period late periods late periods late periods late The ideal for lenders is that balances are paid each billing period. When the user pays off the complete balance owed whether the account was late or not the account moves from the late period back to the Account is Current designation. Below is data of the experience from one bank's portfolio of payment patterns for revolving credit. Using this data, find the steady state probabilities of accounts in each of the 5 categories. Use decimal fraction reporting keeping many digits in your recorded answer. Acct State 1-30 31-60 61-90 91-120 121-360 1-30 0.80 0.20 31-60 0.85 0.15 61-90 0.65 0.35 91-120 0.93 0.07 121-360 0.85 0.15