A wholesale bank's credit risk analyst is evaluating the annual likelihood of default for a corporate borrower who has recently been granted a 5-year loan. By examining data provided by rating agencies, the analyst discovers that the cumulative probability of default over a 5-year period for bonds issued under similar conditions and of equivalent seniority by the borrower is 6.2%. This cumulative default probability is used to calculate the borrower's survival rate over the 5-year period. Furthermore, it is known that the borrower's average hazard rate for the first four years of the loan is 1.1%. Based on this information, what is the probability that the borrower will default during the fifth year of the loan, without being subject to any prior conditions?