The value of a company's equity is $$\$ 4$$ million and the volatility of its equity is $60 \%$. The debt that will have to be repaid in 2 years is $$\$ 15$$ million. The risk-free interest rate is $6 \%$ per annum. Use Merton's model to estimate the expected loss from default, the probability of default, and the recovery rate in the event of default.