The manufacturer of Cakes and Pastries currently controls 60% of the market. The company hired a marketing analyst who has been able to determine from past data,that each year 88% of Cakes and Pastries' customers remained loyal, while 12% of their customers switched to competitor's products. In addition, 85% of Page 3 of 5 the competitor's customers remained loyal to the competition, while 15% switched to Cakes and Pastries. i. Formulate this process as a markov chain. ii. Determine Cakes and Pastries' share of the market 5 years from now. iii. Over the long run? iv. Find and interpret all the mean first passage times and all the recurrence times