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. Assume that 19% of a certain type of bonds default during year 1, 24% default during year 2, 5% default during year 3, and

. Assume that 19% of a certain type of bonds default during year 1, 24% default during year 2, 5% default during year 3, and 10% default during year 4. What is the year 3 conditional default probability?

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