Approximate the stationary matrix S for the transition matrix P by computing powers of the transition matrix P. Pequalsleft bracket Start 2 By 2 Matrix 1st Row 1st Column 0.38 2nd Column 0.62 2nd Row 1st Column 0.24 2nd Column 0.76 EndMatrix right bracket

The stationary matrix is:

S = [0.2791, 0.7209]

Step-by-step explanation:

The transition matrix, P is:

The stationary matrix S for the transition matrix P would be obtained by computing k powers of P until all the two rows of P are identical.

Compute P² as follows:

Compute P³ as follows:

Compute P⁴ as follows:

Compute P⁵ as follows:

For k = 5, we get both the rows identical.

The stationary matrix is:

S = [0.2791, 0.7209]