Given the following information: 1-year zero-coupon Corporate yield: 12% 2-year zero-coupon Corporate yield: 15% 1-year zero-coupon Treasury bonds yield: 7% 2-year zero-coupon Treasury bonds yield: 10% Investor expect to recover nothing if the Corporate Bond defaults. What is this firm's implied cumulative probability of default (in percentage)? NOTICE: Round ALL calculations to 4 decimal places. Only round what you input in the blank to 2 decimal places. If you get 1.2345 then write 1.23. GUIDE: Refer back to example 6e if you are not sure what to do. Now try to fill out the intermediate steps (round to 4 decimal places): P of default 1st year Pof no default 1st year Forward Corporate Yield Forward Treasury Yield P of default 2nd year Pof no default 2nd year The firm's implied cumulative probability of default is (in decimals). The final answer should be % (in percentage)