Data sourced from Ifess (Integrated Fasttime Equity System) has given the following swap rates. Think of these swap rates as spot interest rates.

Swap maturity	30 June 2020	30 June 2021
1 year	2.250	2.00
2 year	2.150	1.50
3 year	1.750	2.12
4 year	2.150	3.05
5 year	2.550	3.25

(i) Using the data as given on 30 June 2020, calculate the relevant forward rates. State exactly what information each of these forward rates gives.

(ii) Now using the data from the table for 30 June 2021 state the 1-year, 2-year, 3-and 4-year year spot rates that prevailed on that date. What appears to have happen?

(iii) Using the data as given on 30 June 2021, calculate the relevant forward rates.