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Can you help me with the following MARKOV CHAINS problem, explaining the solution step by...

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Accounting

Can you help me with the following MARKOV CHAINS problem, explaining the solution step by step A sports magazine obtained the following information from its subscribers: during the 1st year as subscribers, 20% cancel their subscription. Of those who have subscribed for one year, 10% cancel their subscription during the second year. Of those who have subscribed for more than 2 years, 4% cancel their subscription in any given year. a. Define states and transition matrix b. On average, how long does a person subscribe to this magazine?

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