Consider a firm whose 1-year zero-coupon bonds currently yield 10.1%, and 2-year bonds currently yield 12.3%. The yields on 1-year and 2-year zero-coupon Treasury bonds (i.e., the 1- year and 2-year spot rates) are 6.6% and 8.8% respectively. Assume that bondholders do not expect to recover anything in the case of default. Assume a periodicity of 1. What is this firms implied cumulative probability of default? Express your answer in percent and round your answer to 2 decimal places. For example, if your answer is 0.09457, please write down 9.46 (without the percent sign).