Consider a firm whose 1-year zero-coupon bonds currently yield 10.1%. The yield on 1-year zero-coupon Treasury bonds is 7.6%. Assume that when the firm defaults bondholders expect to recover $0.69 on the dollar with probability 3/8 and $0.39 on the dollar with probability 5/8? Assume periodicity of 1. What is this firms implied probability of default? Express your answer in percent and round your answer to 2 decimal places. For example, if your answer is 0.09457, please write down 9.46 (without the percent sign).