An investor holds a 2-year annual coupon bond with a par value of $1,000 and an annual coupon of 7.43%. The investor estimates that the bond has a .25% chance of defaulting in the first period and a 7.98% chance the bond defaults in the second period, given that it didnt default in the first. What is the bond's total probability of defaullt?

A 7.99%

B 8.23%

C 8.21%

D 9.23%