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Calculate the present value of the expected CDS payout per $1 of notional principal given the following parameters. Conditional year 1 default probability: 13.4% Conditional

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Calculate the present value of the expected CDS payout per $1 of notional principal given the following parameters. Conditional year 1 default probability: 13.4% Conditional year 2 default probability: 7% Recovery rate given default: 25% Riskfree rate: 7.6%

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