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Ford's CDS spreads are trading at 450bps. What is the implied probability of default per annum? (Assume a 60% loss rate.) 7.50% 9.75% 11.25% 45.00%

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Ford's CDS spreads are trading at 450bps. What is the implied probability of default per annum? (Assume a 60% loss rate.) 7.50% 9.75% 11.25% 45.00%

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