PPE Ltd. is rated asAAAon the bond market, and the face value of the bond is $100 with a 7% coupon rate. Given that the risk-free rate is 2.7% annually and the bond will mature in 4 years. The marginal mortality rates are provided in the following table.

What is thecumulative mortality rate of PPE ltd.'s bond?

(Keep your answer to 2 decimals and do not input % in the solution box, e.g., if you obtain 2.52612% as the outcome, please input 2.53 in your solution box)

Table 1. Marginal Mortality Rates by Corporate Bond Ratings
	Years after Issuance
1	2	3	4	5
AAA Marginal Rates	0.00%	0.01%	0.08%	0.07%	0.11