Gladstone Corporation is an all-equity firm that has two assets: $100 in cash and the potential to develop a new product. The new product requires an initial investment of $100. Depending on the success of the new product, the cash flow next year may have one of four values: $156 million, $134 million, $93 million, or $88 million. These outcomes are all equally likely, and this risk is diversifiable. There will be no cash flows afterward. Suppose that immediately after launching the product, Gladstone announces that it will issue a zero-coupon debt with a $100 million face value due next year and that it will use the proceeds to pay a special dividend to equity holders. Suppose that in the event of default, 20% of the cash flows will be lost due to bankruptcy costs. Ignore all other market imperfections, such as taxes. If the risk-free interest rate is 6%, what will be the yield-to-maturity of the debt?