Joe's Hockey Report is a newsletter run by Joe. The newsletter costs $10 a month. Before purchasing a paid subscription, readers can sign-up for a one-month free trial. Joe buys Twitter ads targeted towards customers who have never visited his website before. These ads cost $10 per 1,000 impressions ($0.01 per impression). Of the people who see these ads, 1% click on the ad. Of those that click on the ad, 20% signup for a free trial. 50% of free trial subscribers convert into paid subscribers at the end of the free trial period. Joe uses a 5% discount rate. The file "Joe June 2021 Renewal Data.txt" contains a list of customers who were active subscribers at the start of June 2021. 

There are three columns in this data: 

● CustomerNumber

● MonthOfFirstPayment: the month in which the customer was first acquired 

● RenewedInJune: a flag indicating whether or not the customer renewed in June 2021 You should use this data to calculate the churn rate for Joe's subscribers. 

Calculate separate churn rates for months 1 and 2, but you should assume that the churn rate for months 3 and up is constant.