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Math Help - [SOLVED] Markov Chain

  1. #1
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    [SOLVED] Markov Chain




    I know that there must be 3 state spaces for this Markov chain but I can't figure out what they are! I tried {rents next year, rented last year, rented 2 or more than two years ago} and {new costumer renting a car, returning costumer from last year, returning costumer from 2 or more than two years ago} but none of this seem to work. Can anyone help?
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  2. #2
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    Your first guess is right. {rented 2 years ago, rented last year, will rent this year}
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