A corporate bond (subject to default risk) matures in three years, pays one coupon per year, at rate \(9 \%\) of a face value \(€ 1000\), and trades at \(€ 960\). The term structure for risk-free rates is flat at \(7 \%\) (annual compounding). A bank offers an insurance against default, for a price of \(€ 200\). This insurance covers both future coupons and the repayment of whole face value (for the sake of simplicity, we do not consider partial default). Should we accept the offer?