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Consider a two-period coupon bond, with face value M=100, survival rate is 0.9, and the per period coupon rate is 4%. The bond is currently

Consider a two-period coupon bond, with face value M=100, survival rate is 0.9, and the per period coupon rate is 4%. The bond is currently trading at 98. If the current per-period risk free rate is 1%, what is the implied recovery rate?

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