Janus Capital manages a well-diversified, speculative grade bond portfolio which is expected to have an annual default rate of 4.6% and loss given default of 60%. What is the portfolio's expected loss over the next 12 months? (Your answer should be a % carried to 2 places.) 3. If the portfolio described in #2 has a contractual yield of 6.9%/year, what is its expected annual yield? (Your answer should be a % carried to 2 places.)