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Company X pays a premium of 260 bps per year in a 5-year CDS contract with maturity of 5 years on Argentina sovereign debt with

Company X pays a premium of 260 bps per year in a 5-year CDS contract with maturity of 5 years on Argentina sovereign debt with a notional amount of $100 million. At the end of year 3, Argentina defaults on its sovereign debt and the recovery rate is 75 cents per dollar. How much cash flow will company X receive in this default event?

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