**Can you please explain step by step on how to do this question*** and please show formulas used so I can understand how to do it on my own. thank you.

(4.1) Suppose that the risk-free zero curve is flat at 7% per annum with continuous compounding and that defaults can occur half way through each year in a new five-year credit default swap. Suppose that the recovery rate is 30% and the default probabilities each year conditional on no earlier default is 3% Estimate the credit default swap spread? Assume payments are made annually.

What is the value of the swap in Problem 4.1 per dollar of notional principal to the protection buyer if the credit default swap spread is 150 basis points?

What is the credit default swap spread in Problem 4.1 if it is a binary CDS?