A simple way for a company to raise money to fund its operations is by selling corporate bonds. Suppose an investor buys a bond from a company for $7500. As part of the terms of the bond, the company will repay the investor $2000 at the end of each of the next five years. It seems like a good deal for the investor; the problem, however, lies in the fact that the company may not be able to afford to make the bond payments. In such a case, the company is said to default on the issue of the bond. Suppose that the probabilities of default in each of the next one-year periods are 0.05, 0.07, 0.07, 0.07, and 0.09 and that defaulting is independent from one year to the next. What is the probability the company does not default during the five-year term of the bond?