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Assume that for a particular bond, the probability of default is 0.12, the face value is 9,683,215, the recovery rate is 0.36 and the risk
Assume that for a particular bond, the probability of default is 0.12, the face value is 9,683,215, the recovery rate is 0.36 and the risk free rate is 0.01. All rates are stated as decimals.
What is the price of the bond? Round your answer to two decimal places.
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