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What is the swap rate (premium) of an event loss swap with the following features? Notional: $5 m Reference rate: LIBOR at 1.6% Multi-period (5

What is the swap rate (premium) of an event loss swap with the following features?

Notional: $5 m

Reference rate: LIBOR at 1.6%

Multi-period (5 years)

Probability (Hazard rate) that indemnity trigger is exceeded conditional upon it is not exceeded previous year = 0.5%

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