The equation below estimates the effect of race on the probability of mortgage denial, holding constant the payment-to-income ratio. Pr(deny= 1 |P/I ratio, black) = ( 2.23 + 2.73P/I ratio + 0.72black) (0.17) (0.46) (0.085) A black mortgage applicant has a PI] ratio of 0.36. What is the predicted probability that his application will be denied? The predicted probability that his application will be denied is D%. (Express your response as a percentage and round to two decimal places)