In$$ mid$-2009,$ Rite Aid had$$ CCC$-$rated, $8-$year bonds outstanding with a yield to maturity of $17\mathrm{.}3\%.$ At the$$ time, similar maturity Treasuries had a yield of $4\%.$ Suppose the market risk premium is $5\%$ and you believe Rite$$ Aid's bonds have a beta of $0\mathrm{.}38.$ The expected loss rate of these bonds in the event of default is $51\%$

In$$ mid$-2015,$ Rite$-$Aid's bonds had a yield of $7\mathrm{.}3\%,$ while similar maturity Treasuries had a yield of $1\mathrm{.}3\%.$ What probability of default would you estimate$$ now?

$**$ The probability of default will be $\_\_\_\_\_\_\_\_\%($Round to two decimal places.$)$