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A vacation loan has a contract interest rate of 5% when the T-Bill rate is 3%. If there is a default the bank recovers nothing

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A vacation loan has a contract interest rate of 5% when the T-Bill rate is 3%. If there is a default the bank recovers nothing on this one-year loan. What is the probability of default on this loan? (Your answer should be in percent to the nearest hundredth of a percent. For example, if the answer is 4.23% then the answer should be entered as 4.23.)

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