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Ten year German government bond yield is 1.6 %. The yield for Betaland's government bond is 7.7%. These are annual yields. Assuming German government bond

Ten year German government bond yield is 1.6 %. The yield for Betaland's government bond is 7.7%. These are annual yields. Assuming German government bond risk-free, what is the expected probability of default of Betaland for the next 10 years?

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