5. A local bank reviewed its credit card policy with the intention of recalling some of its credit cards. It is known that 5% of cardholders will default, i.e., will miss three consecutive pay- ments. Management also knows that the chance of missing one monthly payment is 20% for customers who do not default. Of course, the probability of missing a monthly payment for those who default is 1. Answer the following questions: (a) (b) What is the probability that a customer will default, if he missed one (or more) payments? What is the probability of a customer missing one (or more) monthly payment? Hint: Define first suitable events