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Assume that 10% of a certain type of bonds default during Year 1, 15% default during Year 2, 5% default during Year 3, and 8%

Assume that 10% of a certain type of bonds default during Year 1, 15% default during Year 2, 5% default during Year 3, and 8% default during year 4. What is the 2 year cumulative default probability?

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