Hazarak 10:07% given RecoveryR 30.0% given Rate CC 2.0% given 0 0.5 1 1.5 2 time years step 1 0.990049834 0.980198673 0.970445534 0.960789439 discount PVIF 0.10000 0.09 UncProb step 2 0.45 0.9 0.405 0.81 Survprob step 3 er $1 protection 0.9 0.81 premia paid 0.882178806 s 0.778239446 s PV inflow-> 1.66042 S er $1 protection 0.05 0.045 accrued 0.049502492 s 0.043670049 5 PV inflow--> 0.09317 5 Sum $ Inflow--> 1.75359 er $1 protection 0.07 0.063 pmt if default 0.069303488 0.061138069 PV outflow-> 0.13044 0.07439 CDS Spread