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The current market value of the assets of Smethwell, Inc. is $82 million, with a standard deviation of 15 percent per year. The firm has

The current market value of the assets of Smethwell, Inc. is $82 million, with a standard deviation of 15 percent per year. The firm has zero-coupon bonds outstanding with a total face value of $41 million. These bonds mature in 4 years. The risk-free rate is 3 percent per year compounded continuously. What is the value of d1?

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