Bank managers sometimes make decisions about whether to grant a loan simply on outward appearances. However, banks also use a technique called credit scoring to help make the decision. A credit scorecard assigns scores to applicants based on their credit history. The higher the score, the higher is the probability that an applicant will repay the loan. An analysis of credit scores reveals that among people who repay loans, 85% score more than 700. Only 60% of loan defaulters score more than 700. Suppose that a manager has subjectively assigned a probability of 80% that a loan applicant will repay the loan. You now determine that the credit score is more than 700. Determine the probability the applicant will repay the loan.