The head of the fixed-income department of a bank asks a risk analyst to review an outstanding bond issued by Company GRN, a livestock producer. The bond currently trades at a spread of 250 bps over the risk-free interest rate and has a recovery rate of 75%. Senior management of the bank has expressed concern about the slowdown in business activities in the livestock industry, which is expected to last for the next 3 years. The analyst applies the constant hazard rate process in estimating default probability and assumes that, under a stressed market scenario, the bond would trade at a spread of 480 bps over the risk-free interest rate curve, and its recovery rate would decrease to 40%. Assuming the stress scenario prevails, what would be the correct estimate of the probability that Company GRN would not default on its bond over the next 3 years?