Let {Zn}n>i be an IID sequence of geometric random variables: For k 2 0, P(Zn = k) = (1 - p)up, where p E (0, 1). Let Xn = max( Z1, ..., Zn) be the 104 Chapter 2. Discrete-Time Markov Chains record value at time n, and suppose Xo is an N-valued random variable indepen dent of the sequence { Zn }n21. Show that { Xx}nzo is an HMC and give its transition matrix& Prove it has no Stationary distribution