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We wish to cap participation in a 3-year equity-linked option at 50.0% return. Our profit alpha is 3.0%. The S&P 500 price = 950, div

We wish to cap participation in a 3-year equity-linked option at 50.0% return. Our profit alpha is 3.0%. The S&P 500 price = 950, div = 0.015, = 0.22, and interest rates are 4.8%. What is the implied participation rate?

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