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An investor buys $5 million of high yield 5-year CDS protection, and the CDS contract has a duration of 4 years. The companys credit spread

An investor buys $5 million of high yield 5-year CDS protection, and the CDS contract has a duration of 4 years. The companys credit spread is 825 bps.

The upfront premium is ____ %. Include two decimal places in your answer.

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