Based on empirical research, $16\mathrm{.}8\%$ of BB$-$rated corporate bonds experience default during their lives. Assume that BB$-$rated bonds have an average time to maturity of $15$ years. Use the model on Slide #$6$ to compute d$.$ Keep your answer in $6$ decimal places, e$.$g$.,0\mathrm{.}123456.$ Avoid rounding errors. Show your work and highlight your final answers.