A one-year US Treasury strip is currently yielding 1.10 percent (i = 110 basis points) and an AAA-rated discount bond with similar maturity is yielding 2.35 percent (k = 235 basis points). If the expected recovery from collateral (gamma) in the event of default is 70 percent of principal and interest, what is the probability of repayment (p) of the AAA rated bond (not defaulting) What is the probability of default (1-p)