Accounts receivable have been grouped into the following states State 1) Paid State 2 Bad debt State 330-30 days old Ste 4:31-60 days old sol anpid 31 de a Ald for & in if ot cards and deb Sixty percent of all new bills are paid before they are 30 days old. The remainder of these go to state 4. Seventy percent of all 31 day old bills are paid before they become 60 days old. If not paid, they are permanently classified as bad debts a. Identify the states in the problem. b. Set up the one month Markov transition matrix c. What is the probability that an account in state 3 will be paid? days Accounts receivable have been grouped into the following states State 1) Paid State 2 Bad debt State 330-30 days old Ste 4:31-60 days old sol anpid 31 de a Ald for & in if ot cards and deb Sixty percent of all new bills are paid before they are 30 days old. The remainder of these go to state 4. Seventy percent of all 31 day old bills are paid before they become 60 days old. If not paid, they are permanently classified as bad debts a. Identify the states in the problem. b. Set up the one month Markov transition matrix c. What is the probability that an account in state 3 will be paid? days