Credit Risk Estimation: Suppose a two$-$year corporate bond has a face value of $$100,$ and provides a coupon of $6\%$ per annum payable semi$-$annually. The term structure of risk$-$free bonds is flat, with a yield of $2\%$ per annum $($continuous compounding$).$ Assume that defaults can only occur immediately before coupon payments and the recovery rate is $40\%.$ If the bond's expected loss is equal to $3\mathrm{.}2,$ what is the default probability of the bond.