According to the pure expectations theory of interest rates, how much do you expect to pay for a one-year STRIPS on February 15, 2023? What is the corresponding implied forward rate? How does your answer compare to the current yield on a one-year STRIPS? What does this tell you about the relationship between implied forward rates, the shape of the zero coupon yield curve, and market expectations about future spot interest rates?

U.S. Treasury STRIPS, close of business February 15, 2022:

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Maturity Feb 2023 Feb 2024 Feb 2025 Price 97.123 94.770 92.424 Maturity Feb 2026 Feb 2027 Feb 2028 Price 90.066 87.528 85.410