Consider a firm whose 1-year zero-coupon bonds currently yield 10.5%, and 2-year bonds currently yield 13.4%. The yields on 1-year and 2-year zero-coupon Treasury bonds (i.e., the 1- year and 2-year spot rates) are 6.4% and 8.2% respectively. Assume that bondholders do not expect to recover anything in the case of default. Assume 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).