From data collected by the Association of Realtors of a certain city, the following transition matrix was obtained. The matrix describes the buying pattern of home buyers who buy single-family homes (S) or condominiums (C).
Currently, 80% of the homeowners live in single-family homes, whereas 20% live in condominiums. If this trend continues, what will be the percent of homeowners in this city who will own single-family homes and condominiums 2 years from now? In the long run?
Please round the answers to one decimal place.
a. 49.0% in single-family homes and 51.0%in condominiums;
33.3% in single-family homes and 66.7% in condominiums
b. 30.3% in single-family homes and 69.7% in condominiums;
81.9% in single-family homes and 18.1% in condominiums
c. 81.9% in single-family homes and 18.1% in condominiums;
26.6% in single-family homes and 73.4% in condominiums
d. 26.6% in single-family homes and 73.4% in condominiums;
30.3% in single-family homes and 69.7% in condominiums
a. 49.0% in single-family homes and 51.0%in condominiums;
33.3% in single-family homes and 66.7% in condominiums
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