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An auto insurance company classifies its customers in three categories: poor, satisfactory, and preferred. Each year, 25% of those in the poor category are moved to satisfactory and 10% of those in the satisfactory category are moved to preferred. Also, 10% in the preferred category are moved to the satisfactory category, and 10% of those in the satisfactory category are moved to the poor category. Customers are never moved from poor to preferred, or conversely, in a single year. Assuming these percentages remain valid over a long period of time, how many customers can the company expect to have in each category in the long run? Poor =% (Round to the nearest tenth if necessary.)

An auto insurance company classifies its customers in three categories: poor, satisfactory, and preferred. Each year, 25% of those in the poor category are moved to satisfactory and 10% of those in the satisfactory category are moved to preferred. Also, 10% in the preferred category are moved to the satisfactory category, and 10% of those in the satisfactory category are moved to the poor category. Customers are never moved from poor to preferred, or conversely, in a single year. Assuming these percentages remain valid over a long period of time, how many customers can the company expect to have in each category in the long run? Poor =% (Round to the nearest tenth if necessary.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 10CYU
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Subject: calculus 

 

 

An auto insurance company classifies its customers in three categories: poor, satisfactory, and preferred. Each year, 25% of those in the poor category are moved to satisfactory and 10% of those in the satisfactory category are moved to preferred. Also, 10% in the preferred category are moved to the satisfactory category, and 10% of those in the satisfactory category are moved to the poor category. Customers are never moved from poor to preferred, or conversely, in a single year. Assuming these percentages remain valid over a long period of time, how many customers can the company expect to have in each category in the long run? Poor =% (Round to the nearest tenth if necessary.)
Transcribed Image Text:An auto insurance company classifies its customers in three categories: poor, satisfactory, and preferred. Each year, 25% of those in the poor category are moved to satisfactory and 10% of those in the satisfactory category are moved to preferred. Also, 10% in the preferred category are moved to the satisfactory category, and 10% of those in the satisfactory category are moved to the poor category. Customers are never moved from poor to preferred, or conversely, in a single year. Assuming these percentages remain valid over a long period of time, how many customers can the company expect to have in each category in the long run? Poor =% (Round to the nearest tenth if necessary.)
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