A

bank

issues

a

$500

loan,

but

cannot

observe

the

type

of

borrower.

Type

Good

repays

with

probability

0.88

and

type

Bad

always

defaults.

The

bank

figures

the

fraction

of

borrowers

that

are

type

Good

is

92%.

In

this

case,

the

competitive

pooling

rate

on

the

loan

is

_____%.