30, COLLEGE GRA COLLEGE GRADUATION RATE The registrar of a law school has compiled the following statistics on the progress of the school\'s students working toward the LLB degree: Of the first-year students in a particular year, 85% successfully complete their course of studies and move on to the sec- ond year, whereas 15% drop out of the program: of the second-year students in a particular year, 91% go on to the third year. whereas 8% drop out of the program, of the third-year students in a particular year, 98% go on to grad- uate at the end of the year, whereas 2% drop out of the program. a. Construct the transition matrix associated with the Markov process b. Find the steady-state matrix c. Determine the probability that a beginning law student enrolled in the program will go on to graduate.
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