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Need proper explanation and formulas before plugging in numbers The zero yield curve on zeros is given below. There is a corporate bond that pays

Need proper explanation and formulas before plugging in numbersimage text in transcribed

The zero yield curve on zeros is given below. There is a corporate bond that pays a 2% coupon (once a year at the end of the year) that is currently selling for $910 per $1000 in face value. What is the probability of default implied by this price if the recovery rate is 80%

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