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Suppose that the cumulative probability of a company defaulting by years one, two, three and four are 3%, 6.5%, 10%, and 5%, respectively. What is

Suppose that the cumulative probability of a company defaulting by years one, two, three and four are 3%, 6.5%, 10%, and 5%, respectively. What is the probability of default in the fourth year conditional on no earlier default? Group of answer choices 4.5% 5.0% 5.5% 6.0%

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