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Assume that for a particular bond, the probability of default is 0.38, the face value is 70, the recovery rate is 0.74 and the risk

Assume that for a particular bond, the probability of default is 0.38, the face value is 70, the recovery rate is 0.74 and the risk free rate is 0.05. The risk-free rate is stated here as a decimal. What is the price of the bond? Round your answer to two decimal places

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