Question: Exercise . Let l T (k) be the equilibrium swap rate for a swap with payment dates T, T, ... , Tk, where Ti

Exercise . Let ˜l

δ

T (k) be the equilibrium swap rate for a swap with payment dates T, T, ... , Tk, where Ti = T + iδ as usual. Suppose that ˜l

δ

T (), ... , ˜l

δ

T (n)

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