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Bond A has a PD of 0.5%, and bond B has a PD of 2%. If they are in two industries with zero correlation, what

Bond A has a PD of 0.5%, and bond B has a PD of 2%. If they are in two industries with zero correlation, what is the probability of both default? If the industry-wide correlation is 0.3, what would be the joint default rate?

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