A portfolio manager is assessing whether the 1-year probability of default of a longevity bond issued by a life insurance company is uncorrelated with returns of the equity market. The portfolio manager creates the following probability matrix based on 1-year probabilities from the preliminary research:

	Longevity Bond
	No Default
Market Returns
20% Increase	61%
20% Decrease	35%

Given the information in the table, what is the probability that the longevity bond defaults in 1 year given that the market decreases by 20% over 1 year?