3* . A 3-year zero-coupon bond issued by Spinifex Sands Ltd is priced at $77.7414 per $100 par value.

The market believes that there is a 99% chance that Spinifex Sands will be able to make full payment on the bond when it matures and a 1% chance that it will default.

It is believed that, in the event of default, there is an 80% chance that the company will pay 60% of what it owes and a 20% chance that it will pay zero. Calculate the promised interest rate (pa) and the expected interest rate (pa).