b. How could you construct a synthetic 1-year forward loan beginning in year 3? (Round your Rate for the synthetic loan answer to 1 decimal.) c. How could you construct a 1-year forward loan beginning in year 4? Calculation Question 3: (10 points) The current yield curve for default-free zero-coupon bonds is as follows: Maturity (Years)YTM (%) 1 10% 2 11 12 3 a. What are the implied 1-year forward rates? b. Assume that the pure expectations hypothesis of the term structure is correct. If market expectations are accurate, what will be the yield to maturity on 1-year zero-coupon bonds next year? c. Assume that the pure expectations hypothesis of the term structure is correct. If market expectations are accurate, what will be the yield to maturity on 2-year zero-coupon bonds next year