The table below shows the dollar amounts of outstanding bonds and corresponding default amounts for every year over the past five years. Note that the default figures are in millions, while those outstanding are in billions. The outstanding figures reflect default amounts and bond redemptions.

Years after Issuance Loan Type 1 Year 2 Years 3 Years 4 Years 5 Years A-rated: Annual default (millions) 0 0 0 $ 1 $ 2 Outstanding (billions) $100 $95 $93 $91 $88 B-rated: Annual default (millions) 0 $ 1 $ 2 $ 3 $ 4 Outstanding (billions) $100 $94 $92 $89 $85 C-rated: Annual default (millions) $ 1 $ 3 $ 5 $ 5 $ 6 Outstanding (billions) $100 $97 $90 $85 $79 What are the annual and cumulative default rates of the above bonds?