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the answer is 0.012 Agatha pays 770 for a 1000 face value bond paying interest at 11% convertible semiannually, and redeemable at par in 20

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the answer is 0.012

Agatha pays 770 for a 1000 face value bond paying interest at 11% convertible semiannually, and redeemable at par in 20 years. If her desired yield was 12% convertible semiannually, what rate of default did she expect? Assume that once default occurs, no further payments are made. 6-21

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