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The interest rate in the market for one-year zero-coupon government bonds is i = 7%, the rate for one-year zero-coupon grade BB bonds is k

The interest rate in the market for one-year zero-coupon government bonds is i = 7%, the rate for one-year zero-coupon grade BB bonds is k = 11.5%. What is the implied probability of default on the corporate bond (round to two decimals)?

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