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The following table presents the transition probabilities of credit ratings: What is the probability that a company initially rated C will default in year 2?

The following table presents the transition probabilities of credit ratings:

What is the probability that a company initially rated C will default in year 2? Exclude the case where the company defaults in year 1.

0.23

0.1472

0.1508

0.87

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		0.23
		0.1472
		0.1508
		0.87