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please help and show steps. MC answers below question Estimating the two-year cumulative default probability of a bond using the following one-year rating transition matrix.
please help and show steps. MC answers below question 
Estimating the two-year cumulative default probability of a bond using the following one-year rating transition matrix. The bond's current rating is C. a. 16.00% b. 15.00% c. 25.15% d. 15.30% Step by Step Solution
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
13th edition
1439078106, 111197375X, 9781439078105, 9781111973759, 978-1439078099
