Then try this:

http://www.fh-kiel.de/fileadmin/data/wirtschaft/Dozenten/Thiemer__Andreas/MCD/markov.pdf

If I was writing a program to do it in VB Net, I'd use that as a model, it should work just as well with Excel VBA, altho for something like that if I was doing an Office XP thing, I'd do it using a combination of Access and Excel, but you would have to know how to address one as an object within the other, usually as an Excel VBA program to manage the graphs, addressing an Access data object which would manage the matrices.

Your comment on the desire to use Excel over Mathcad is much like a farmer extolling the virtues of manure over ammonium nitrate. Get with the times.

My hourly charges are always rounded, so do not send me a fractional payment again this time.