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A bond has an expected yield-to-maturity of 6% and an 10% probability of default. If the bond defaults, the bondholders should receive 80% of the

A bond has an expected yield-to-maturity of 6% and an 10% probability of default. If the bond defaults, the bondholders should receive 80% of the market value. If fairly priced, the bond should have a promised yield-to-maturity of _____ .

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