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One year goverment bond yield of Germany is 3.1 % (the risk free rate) and the one year government bond of Alphaland is 9.4 %.

One year goverment bond yield of Germany is 3.1 % (the risk free rate) and the one year government bond of Alphaland is 9.4 %. What is the implied probability of default of Alphaland for the next 12 monhts? Please omit the % sign in your answer.

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