11-41 The cumulative default probability of a borrower in a given time period is one minus the product of the marginal default probabilities for all time periods up to that time period.

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This statement is true. The cumulative default probability is calculated by multiplying together the individual marginal default probabilities for each time period up to the current time period, and then subtracting that product from one.

11-41 the Cumulative Default Probability of a Borrower in a Given