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Suppose that Casino Royale has issued bonds that mature in 1 year. They currently offer a yield of 20%. However, there is a 50% chance

Suppose that Casino Royale has issued bonds that mature in 1 year. They currently offer a yield of 20%. However, there is a 50% chance that Casino will default and bondholders will receive nothing. What is the expected yield on the bonds? Assume these are zero coupon bonds with annual compounding. (Input the amount as a positive value and as a percent rounded to 1 decimal place.)

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