In an Oil and gas industry, in 2020-21, 20% of the equipment is in failed state and the remainder is in the beyond economical repair state. Data from the previous history indicates that 25% of the failed equipment could not be repaired and 10% of the items again failed after necessary repair. Estimate the equipment that would be in failed state in the 2023-24 using Markov Chain. In an Oil and gas industry, in 2020-21, 20% of the equipment is in failed state and the remainder is in the beyond economical repair state. Data from the previous history indicates that 25% of the failed equipment could not be repaired and 10% of the items again failed after necessary repair. Estimate the equipment that would be in failed state in the 2023-24 using Markov Chain