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As Head of Relationship Banking at the Royal Bank of Transkei, you are negotiating pricing...

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Accounting

As Head of Relationship Banking at the Royal Bank of Transkei, you are negotiating pricing with Songololo Municipality, which insists on an interest rate of 12% on the proposed short-term credit facility. What would the implied PD at this rate be if the one-year treasury bill rate is 8%?

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