A risk analyst at a high-yield bond fund is calculating the conditional probability of default (PD) for a CCC-rated bond. The analyst has the following cumulative PD data from a rating agency:

| Year | 1 | 2 | 3 |

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

| Cumulative PD (%) | 24.78 | 34.51 | 39.86 |

What is the conditional probability that the bond defaults during year 3?