A bond has par=$1000, coupon rate of 3% and matures in 4 years. The bond pays semi-annual coupons. On the market, you see that the current YTM is 9%, however, a trader told you that his expected yield on the bond is only 3.6%. What default probability on the par is the trader's expectation consistent with? (Provide your answer as percent rounded to two decimals, omitting the % sign.)