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A television ratings company surveys 100 viewers on March 1 and April 1 to find what was being watched at 6:00 p.m.-- the local NBC affiliate's local news,the CBS affiliate's local news,or "Other" which includes all other channels and not watching TV.The results show
a.What are the numbers in each choice for April 1?
b.What is the transition matrix?
c.What ratings percentages do you predict for May 1?
Illusory Promises
Statements or promises that appear to assure performance or commitment but, due to vague or conditional terms, do not actually bind the promisor to any action.
Forbearance
A temporary postponement of mortgage payments granted by a lender or creditor in lieu of forcing the property into foreclosure, allowing the borrower time to catch up on payments.
Breach of Contract
A violation of the terms or conditions as stated in a contract, which may result in legal action or penalties against the party at fault.
Fair Market Value
The price at which property would sell for on the open market between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts.
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