Question: 3 year spot rate = 4% 5 year spot rate = 5% 4 year forward rate 3 years from today = 6% 3 year forward

3 year spot rate = 4%

5 year spot rate = 5%

4 year forward rate 3 years from today = 6%

3 year forward rate 7 years from today = 7%

What is the 2 year forward rate 5 years from today?

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