What is the cumulative probability of default

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Delphinus Funds Management has invested in a 3-year US$100m BBB-rated corporate bond and has calculated the annual marginal probability of repayment in Year 1 is 98.7 percent, Year 2 is 97.7 percent and Year 3 is 97.9 percent. What is the cumulative probability of default?

Reference no: EM132798398

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