You're a project manager overseeing five teams that are developing a new app. Each team must complete their work by July $1$ in order to release the app by the end of the year. Based on your work managing the project, you know that each team has about a $75\%$ chance of meeting the deadline.

a$.$ The probability that your firm will complete the project by the end of the year is

b$.$ Suppose that before you calculate the probability of completing the project, you walk into a weekly status meeting with the CEO. When she asks you for your "gut feeling" about the probability of finishing the project by the end of the year, you respond with an answer that exhibits the anchoring bias. Your response will likely be$.$