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A one-year reverse convertible on a stock repays plus a coupon, unless the stock finishes below , when the holder receives one share instead. Rates are zero, the one-year at-the-money put is worth and the issuer keeps a margin. What is the largest coupon it can pay?
Answer with a number. Fractions, powers and expressions like 23/6 or C(52,5) are read correctly in practice.
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