Assignment:
A bank loan officer knows that 12% of the bank’s mortgage holders lose their jobs and default on the loan in the course of 5 years. She also knows that 20% of the bank’s mortgage holders lose their jobs during this period. Given that one of her mortgage holders just lost his job, what is the probability that he will now default on the loan?
Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.