1-Zions Bank reviewed its credit card policy with the intention of recalling some of its credit cards. In the past, approximately 5% of cardholders defaulted, leaving the bank unable to collect the outstanding balance. Hence, management established a probability that 0.05 that any particular cardholder will default. The bank also found that the probability of missing a monthly payment is 0.20 for customers who do not default. Of course, the probability of missing a monthly payment for those who default is 1.

Given that a customer missed one or more monthly payments, compute the probability that the customer will default? (Round to two decimal places, e.g. 0.57)