A bond investor has a $99$ percent chance of receiving all of her promised payments on a particular bond issue in the first year of holding the bond, but only a $98$ percent chance in the second year, and a $97$ percent chance in the third year and beyond. What is the cumulative default probability over the first three years she holds the bond?

Multiple Choice

Tres

$3\mathrm{.}75\%$

$2$

$4\mathrm{.}24\%$

$5\mathrm{.}89\%$

$6\mathrm{.}85\%$

$7\mathrm{.}33\%$