Consider a firm whose 1-year zero-coupon bonds currently yield 9.6\%. The yield on 1-year zero-coupon Treasury bonds is 5.3\%. Assume that when the firm defaults bondholders expect to recover $0.68 on the dollar with probability 3/8 and $0.37 on the dollar with probability 5/8 ? Assume periodicity of 1. What is this firm's implied 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)