You are given that the intensity of default is = 0.5, and recovery rate is

You are given that the intensity of default is λ = 0.5, and recovery rate is φ = 0.5. The risk-free rate of interest is r = 0.01. In contrast to the previous question, the recovery amount is obtained at the time of default, not at the stated maturity of the security. Find the price of a one-year defaultable security that pays off $1 at maturity.