The present value of the commercialization phase at the start of commercialization is $37 million. The present value of the cost of undertaking Phase 3 clinical trials at the beginning of these Phase 3 trials is $10.0 million. The length of time it takes to go through phase 3 to reach commercialization is 3 years. The discount rate is 14%. What is the probability of successfully passing through phase 3 such that the NPV of proceeding with the clinical trials at the beginning of phase 3 is zero? Express your answer to the nearest percentage e.g. 35% should be expressed as 35.
