The assets of JKL Corp. are currently worth $600. These assets are expected to be worth either $883.80 or $407.33 one year from now. The company has a pure discount bond outstanding with a $600 par and a maturity date of one year. The risk-free rate is 3.6 percent. What is the yield on the debt? Hint: Yield = [Par/(market value of debt)] 1 (Hint: You need to value the equity as a call option to value the debt.)