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For a certain type of bond, the 4-year cumulative default probability is 25%, the 5-year cumulative default probability is 32%, and the 6-year cumulative default
For a certain type of bond, the 4-year cumulative default probability is 25%, the 5-year cumulative default probability is 32%, and the 6-year cumulative default probability is 40%. What is the Year 5 unconditional probability of default?
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