Question: 5. The yield on a three-year security is 13%; the two-year interest rate is 12%, while the one-year interest rate is 9%. All rates

5. The yield on a three-year security is 13%; the two-year interest

5. The yield on a three-year security is 13%; the two-year interest rate is 12%, while the one-year interest rate is 9%. All rates are annualized. What is the forward rate for a one-year security two years ahead?

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