Your firm currently has CCC-rated bonds maturing in 19 years with a YTM of 17.3%. Treasuries with 19 -year maturities have a YTM of 4%. Analysts believe that these bonds have a beta of 0.31, and CCC-rated bonds have an expected loss rate (in the event of default) of 50%. Currently, the market risk premium is 4%. What is the annual probability of default that is consistent with the yield to maturity of these bonds? The annual probability of default is \%. (Round to two decimal places.)