A starts out as equal to I, but repeated rounds of T•A yield the results below.
This can easily be modified to change the sequence model, although I haven't shown it here.
However, I notice that there is an inconsistency between this model and the simulation of mutation from here. The simulation showed saturation around 200% mutation, whereas this matrix method is clearly saturated at 100 rounds of 1%. I believe we may be missing a factor of 2, but I don't have any idea how that would be. I will think about it in days to come, but if you can spot the answer please let me know.
[ UPDATE: <whacks self on head> The previous simulation was for 1% mutation in each round, while this one has 3% in each round (1% for each nucleotide). That's the source of the difference! ]