Consider a $1-$year zero$-$coupon bond that is subordinated and has a CCC rating. The historical recovery rate on subordinated bonds has been $37\%$ and the historical default probability on CCC$-$rated bonds has been $22\%.$ The promised yield on a $1-$year zero$-$coupon Treasury bond is $1\%.$ All rates are annualized assuming periodicity of $1($i$.$e$.$ annual compounding$).$ What should be the promised yield on the CCC$-$rated bond based on the historical information provided?