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Account receivable have been grouped into the following states: State 1: Paid State 2: Bad...

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Accounting

Account receivable have been grouped into the following states:

State 1: Paid State 2: Bad debt State 3: 0-30 days old State 4: 31-60 days old

Sixty percent of all new bills are paid before they are 30 days old. The remainder of these go to state 4. Seventy percent of all 30 day old bills are paid before they become 60 days old. If not paid, they are permanently classified as bad debts. What is the probability that an account in state 3 will be paid?

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