Expected Loss Given Default Calculation for Company XYZ

As a credit analyst, you are tasked with assessing the credit risk of Company XYZ, which recently issued a 10-year bond with a coupon rate of 5% and a face value of $1,000. You have calculated the company's probability of default over the next year to be 3% and the expected recovery rate in the event of default to be 40%.

Using these metrics, what is the expected loss given default (LGD) for Company XYZ's bond?