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You just bought a CDS to protect $15,000,000 of bonds. Shortly thereafter the bond defaulted and the Loss-given-Default was 60%. The CDS uses the cash-settlement

You just bought a CDS to protect $15,000,000 of bonds. Shortly thereafter the bond defaulted and the Loss-given-Default was 60%. The CDS uses the cash-settlement method. How much does the seller of the CDS owe you?

A. $15,000,000

B. $9,000,000

C. $6,000,000

D. $1,000,000

E. $0

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