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3. There are 10 bonds in a credit default swap basket. The probability of default for each of the bonds is 7%. The probability of

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3. There are 10 bonds in a credit default swap basket. The probability of default for each of the bonds is 7%. The probability of any one bond defaulting is completely independent of what happens to the other bonds in the basket. What is the probability that exactly one bond defaults? (final answer) (3 Points)

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