The spread between the yield on a 3-year corporate bond and the yield on a similar risk-free bond is 50 basis points. The recovery rate is 30%. a. Estimate the average hazard rate per year over the 3-year period. b. Suppose now that the spread between the yield on a 5 -year bond issued by the same company and the yield on a similar risk-free bond is 60 basis points. Estimate the average hazard rate per year over the 5 -year period. What do your results indicate about the average hazard rate in years 4 and 5