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If no default happens, the investor earns 5% per year. If the bond issuer does default, the investor earns 5% until the default date. What

If no default happens, the investor earns 5% per year. If the bond issuer does default, the investor earns 5% until the default date. What are arbitrage opportunities in this situation when risk-free rate is 4.5%? What if it is 5.5%

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