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1 year and 3 - year CDS spreads of the firm are 1 1 0 and 1 2 0 basis points, respectively. Assuming piece -

1 year and 3-year CDS spreads of the firm are 110 and 120 basis points, respectively. Assuming piece-wise linear default intensity, calculate the default intensities in years 1,2, and 3, and the survival probability of the firm at the 3rd year. (Assuming recovery rate is 40%). Please provide a table with an explanation.
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