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A bond portfolio is estimated to have a 12% probability of default per dollar invested. In case a default occurs, the average recovery rate is

A bond portfolio is estimated to have a 12% probability of default per dollar invested. In case a default occurs, the average recovery rate is estimated to be 0.31 on the dollar. What is the expected loss per dollar invested? Enter answer accurate to three decimal places. The answer has to be .083. Please show all the steps.

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