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Question 1 through Question 4 are based on the information on current spot and forward term structures (assume the corporate debt pays interest annually) in Table 1: Table 1. Term Structure of treasury bills/bonds and BBB corporate debt Spot 1 Year Spot 2 Year (1-year maturity) forward 1-year Treasury 2.75 percent 5.25 percent X BBB Corporate Debt 5.25 percent 8.75 percent Y Question 3 (Mandatory) (6.25 points) Using the term structure of default probabilities, what is the implied default probability for BBB corporate debt during the second year? A) 3.33% B) 4.06% C) 5.25% D) 95.94% E) 96.68% Question 4 (Mandatory) (6.25 points) What is the cumulative probability of repayment of BBB corporate debt over the next two years? A) 99.9% B) 6.33% C) 93.67% D) 92.75% E) 7.25%