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Each two years a man trades his car for a new car. If he has a Ford, he trades it for Mercedes-Benz . If he has a Mercedes-Benz, he trades it for BMW. However, if he has a BMW, he is just as likely to trade it for a new BMW as to trade it for Mercedes-Benz or a Ford . In 1995, he bought his first car which was a Mercedes-Benz (i) Find the probability that he has a: a) 1999 Ford b) 2001 BMW (ii) In the long run, how often will he have a Mercedes-Benz?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9990471

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