The equation below estimates the effect of race on the probability of mortgage denial, holding constant the payment-to-income ratio. Pr(deny=1P//ratio,black)=(2.29+2.78P//ratio+0.71black)(0.16)(0.46) A black mortgage applicant has a P// ratio of 0.38 . What is the predied probability that his application will be denied? The predicted probability that his application will be denied is %. (Express your response as a percentage and round to two decimal places)