Table 25.6 shows the five-year iTraxx index was 77 basis points on January 31, 2008. Assume that the risk-free rate is 5% for all maturities, the recovery rate is 40%, and payments are quarterly. Assume also that the spread of 77 basis points applies to all maturities. Use the DerivaGem CDS worksheet to calculate the hazard rate consistent with the spread. Use this in the CDO worksheet with 10 integration points to imply base correlations for each tranche from the quotes for January 31, 2008