In mid-2009, Rite Aid had CCC-rated, 19-year bonds outstanding with a yield to maturity of 17.3%. At the time, similar maturity Treasuries had a yield of 2%. Suppose the market risk premium is 6% and you believe Rite Aid's bonds have a beta of 0.32. The expected loss rate of these bonds in the event of default is 54%. a. What annual probability of default would be consistent with the yield to maturity of these bonds in mid-2009? b. In mid-2015, Rite-Aid's bonds had a yield of 7.4%, while similar maturity Treasuries had a yield of 1.7%. What probability of default would you estimate now