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Thanks for replying David. Actually, I assume, it is my mistake. The third answer was most probably 29.4 instead of 28%, as I wrote it my first comment. Sorry about the confusion.

Guys, just came from FRM level 2 in Sofia, Bulgaria. I was the only one attendee. I think that GARP had an error in one of their questions. It was: You have 15 bonds, equal probability of default of 3%. Independent of each other. What is the probability of exactly one bond defaulting. The...