The Hazard Rate for a Firm Evolves as Follows $\lambda ( t ) = 0.2 + 0.5 t$

Multiple Choice

The hazard rate for a firm evolves as follows: $\lambda ( t ) = 0.2 + 0.5 t$ . The probability of the firm defaulting in the next year is:

A) 0.24
B) 0.36
C) 0.48
D) 0.60