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Using the following spot rates from the Treasury strip and corporate bond (pure discount) yield curves Spot 1 Year Spot 2 Year Treasury strips BBB-rated bonds 5.10% 6.50% 7.15% 8.20% (1) Calculate the implied forward rates for each security. (2) Using the implied forward rates, estimate the annual marginal probability of repayment for year 1 and year 2. (3) Using marginal probabilities, estimate the cumulative probability of default (4) What is meant by the phrase marginal default probability? How does this term differ from cumulative default probability? How are the two terms related? Using the following spot rates from the Treasury strip and corporate bond (pure discount) yield curves Spot 1 Year Spot 2 Year Treasury strips BBB-rated bonds 5.10% 6.50% 7.15% 8.20% (1) Calculate the implied forward rates for each security. (2) Using the implied forward rates, estimate the annual marginal probability of repayment for year 1 and year 2. (3) Using marginal probabilities, estimate the cumulative probability of default (4) What is meant by the phrase marginal default probability? How does this term differ from cumulative default probability? How are the two terms related