The water distribution pipe network of a certain district, consist of pipe sections made of precast concrete (70%) steel (25%), and polyvinyl chloride (PVC) (5%). Assume that the probability that a precast pipe reaches the end of its life this year is 0.16, while such probability for steel and PVC pipes are 0.01 and 0.005, respectively. What is the probability that a pipe section selected at random from this population reaches the end of its life this year?