The current 1-year spot rate on a treasury bill is 3.75% and the current 1- year spot rate on a BB-rated bond of equivalent risk to a prospective loan is 9.25%. The bond has a marginal probability of repayment in year 1 of 95%, and a marginal probability of default in year 2 of 8.5%. What is the cumulative probability of default over the 2 years? 08.08% O 8.50% O 5.50% 13.08% 5.00% Neyt