A one-year bond has a 4% coupon and a notional of $100. There is a 12% probability

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A one-year bond has a 4% coupon and a notional of $100. There is a 12% probability that the bond will default.The expected recovery rate is 20%.What is the present value of the bond? Assume a risk-neutral valuation.The risk-free rate is also 4%.

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