Question: Modify the data on the CDS pricing worksheet in the workbook bonds_and_cds.xlsx to compute a par spread in basis points for a 5yr CDS with

Modify the data on the CDS pricing worksheet in the workbook bonds_and_cds.xlsx to compute a par spread in basis points for a 5yr CDS with notional principalN=10 million assuming that the expected recovery rate R = 25% , the 3-month hazard rate is a flat1%, and the interest rate is5% per annum.

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