Assuming that the forward rate between year 1 and year 3, f(0,1,3), is 5%,and the forward rate between, year 3 and year 4, f(0,3,4), is 6%. The current four-year zero rate is, R(0,4) is 5%. What is the current one-year zero rate R(0,1)? Assume continuous compounding.

a) 4%.

b) 5%.

c) None of these.

d) 3%.

e) 2%.