Problem $6-31$ Credit Risk $($LO$5)$

Suppose that Casino Royale has issued bonds that mature in $1$ year. They currently offer a yield of $14\%.$ However, there is a $50\%$ chance that Casino will default and bondholders will receive nothing. What is the expected yield on the bonds?

Note: Input the amount as a positive value and as a percent rounded to $1$ decimal place.

Answer is not complete.

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