A company is considering extending credit to a new customer. Credit would be extended for 1 month if the customer is approved. The price is $32,000 per unit and the variable cost is $24,000 per unit. The required return is 1.35% per month. Assume customers who don't default become repeat customers and place the same order every month forever. Assume also that a repeat customer will never default. What is the break-even probability of default?