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The same scenario is used for the remainder of the questions A psychiatrist clinic classifies its accounts receivable into the following four states State 1

The same scenario is used for the remainder of the questions A psychiatrist clinic classifies its accounts receivable into the following four states State 1. Paid State 2. Bad debt State 3.0-30 days State 4.31-90 days The clinic currently has $8000 accounts receivable in the 0-30 days state and $2000 in the 31-90 days state. Based on historical transition from week to week of accounts receivable, the following matrix of transition probabilities has been developed for the clinic [1.00.00.00.00.01.00.00.0 P =0.50.00.40.10.60.10.20.1

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