An economist says that there is "absolutely no chance" of a country's economy being in a recession in the last quarter of the year. However, a leading economic indicator, which has a 70% probability of giving a correct indication, suggests there will be a recession in the last quarter. Given that the indicator is unbiased, the posterior probability of a recession in the last quarter is:

Select one:

a. 0.00

b. 0.70

c. 1.00

d. impossible to calculate based on the information given