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A credit card company must value portfolios of customers based on their future earnings. The payment characteristics of customers serve to classify them into states. The case would be the basis for discussing state dynamics over time in a Markov process. Students can gain an understanding of how portfolios, which look good in the present, may not be favorable in the long term, and how to find and use stead-state probabilities. Additionally, students will how changing transition probabilities affects steady state distributions.