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What is the implied default probability of an issuer with a credit default swap spread of 500 and expected recovery rate of 36%? Enter your

What is the implied default probability of an issuer with a credit default swap spread of 500 and expected recovery rate of 36%? Enter your answer in percent form with 2 decimal place.

Observed CDS spread in bps/10,000 = (1 Assumed recovery rate) (Assumed default probability)

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