Worth of progress to complete his doctorate degree

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Jim must take five years worth of progress to complete his doctorate degree at ABC University. However, he enjoys the life of a student and is in no hurry to finish his degree. In any academic year, there is a 50% chance he may take the year off, and a 50% chance of pursuing the degree full time. After completing three academic years, there is a 30% chance that Jim may "bail out" and simply get a master's degree, a 20% chance of taking the next year off but continuing in the Ph.D. program, and 50% chance of attending school full time toward his doctorate. Express Jim's situation as a Markov chain.

Reference no: EM131441036

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