A company has 1- and 2-year bonds outstanding, each providing a coupon of $8 \%$ per year payable annually. The yields on the bonds (expressed with continuous compounding) are $6.0 \%$ and $6.6 \%$, respectively. $\mathrm{R}$ isk-free rates are $4.5 \%$ for all maturities. The recovery rate is $35 \%$. Defaults can take place halfway through each year. Estimate the risk-neutral default probability each year.