Question: The probability that a bank customer will default on a loan is 0.04 if the economy is high and 0.13 if the economy is not

The probability that a bank customer will default on a loan is 0.04 if the economy is high and 0.13 if the economy is not high. Suppose the probability that the economy will be high is 0.65. What is the probability that the person will default on the loan?

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