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The alumni of State University generally contribute (C) or do not contribute (NC) according to the following pattern: 85% of those who contribute one year
The alumni of State University generally contribute (C) or do not contribute (NC) according to the following pattern: 85% of those who contribute one year will contribute the next year; 10% of those who do not contribute one year will contribute the next. The transition matrix is the following: 0.85 0.15 0.10 0.90 Use this transition matrix to find the steady-state distribution of State University alumni who contribute and who do not contribute.
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