Verifying a Markov Chain Transition Matrix
A Markov chain is modeled by the following transition matrix: \(\begin{bmatrix} 0.3 & 0.7 \\ 0.6 & 0.4 \end{bmatrix}\). Determine if this matrix is a valid transition matrix by verifying that each row sums to 1 and all entries are probabilities (between 0 and 1 inclusive).