The value of F s assets next year are either 10 million (with probability 3/4) or 3.5 million (with probability 1/4). Fs existing debt matures at the end of the year and requires a 3.2 million dollar payment (principle plus interest). Suppose at the beginning of the (same) year F issues 1,000 bonds with face value $1,000, maturity 1 year, and a single coupon of 22% (paid at the end of the year). If the new bonds are all junior to the existing debt, what is the required return on the new junior bonds?