A student has a cumulative GPA of 3.50 after completing 60 credit hours.
They then take a 15-credit semester, which includes a 3-credit course taken on a Pass/Fail basis where they earn a 'P' (Pass).
The other 12 credits are letter-graded, resulting in a semester GPA of 3.00 for those courses.
What is the student's new cumulative GPA?