Given the following ratings transition matrix, calculate the two-period cumulative probability of default for a B credit.

| Rating at beginning of period | Rating at End of period |

|-------------------------------|--------------------------|

| | A | B | C | D |

| A | 0.95 | 0.05 | 0.00 | 0.00 |

| B | 0.03 | 0.90 | 0.05 | 0.02 |

| C | 0.01 | 0.10 | 0.75 | 0.14 |

| Default | 0.00 | 0.00 | 0.00 | 1.00 |