) a) The spread between the yield on a three-year corporate bond and the yield on a similar risk-free bond is 100 basis points. The recovery rate is 30%. Estimate the approximate average default intensity per year over the three-year period b) Suppose the same company also issues a five-year with a spread of 125 basis points over a similar risk-free bond. Estimate the approximate average default intensity per year over the five-year period. c) What do your results indicate about the average default intensity in years 4 and 5?