4. Consider an A-rated bond and a BBB-rated bond. Assume that the one-year probability of default for the A-rated and BBB-rated bonds are 2% and 4%, respectively, and that the joint probability of default of the two bonds is 0.25%. what is the default correlation between the two bonds?(final answer (3 Points) Enter your answer 5. Consider a portfolio of $100 million with three bonds, bond A (525 million, with default probability 5%, bond B (530 million) with default probability 10% and bond ($45 million) with default probability 20%. Assume that the exposures are constant, the recovery in case of default is zero and default events are independent across the three issuers. Based on these information answer question If bond A and B default only within this portfolio, the probability of default and the expected loss for this event are:(final answer 3. Points