In​ mid-2009, Rite Aid had​ CCC-rated, 11​-year bonds outstanding with a yield to maturity of 17.3 %. At the​ time, similar maturity Treasuries had a yield of 4 %. Suppose the market risk premium is 4 % and you believe Rite​ Aid's bonds have a beta of 0.38. The expected loss rate of these bonds in the event of default is 56 %.

a. What annual probability of default would be consistent with the yield to maturity of these bonds in​ mid-2009?
The required return for this investment is _____​%. ​ (Round to two decimal​ places.)
b. The annual probability of default is ______%? ​ (Round to two decimal​ places.)
c. The probability of default will be ______% (Round to two decimal​ places.)