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.