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In this paper, single electron transistor is modeled using Master Equation (ME) approach. In our scheme the steady state Master Equation was expressed, in which the resultant value is necessary for the current calculation. A ME for the probability distribution of electrons in the SET dot is obtained from the stoachastic process, allowing the calculation of device characteristics. Helmholtz's free energy is considered to determine the transport of electrons through a SET device. Work done by voltage source and free energy change is calculated to get improved IV characteristics of SET. [ABSTRACT FROM PUBLISHER]