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?
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A
3.42
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B
3.40
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C
3.50
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D
3.31