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Suppose a bank was a protection buyer in a CDS with reference entity Radio Shack Corp and a notional principal of $100 million. In 2015,

Suppose a bank was a protection buyer in a CDS with reference entity Radio Shack Corp and a notional principal of $100 million. In 2015, Radio Shack Corp defaulted. What was the payoff to the bank when the recovery rate was 11.5%?

O $11.5m

O $66.3m

O $77.4m

O $88.5m

O $99.6m

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