Question: How is the term ? 3 f 1 interpreted as it is used in computing a forward rate? The term ? 3 f 1 represents

How is the term ?3f1 interpreted as it is used in computing a forward rate?
The term ?3f1 represents the 3-year interest rate that exists at year 1.
The term ?3f1 represents the expected 1-year interest rate for year 3.
The term ?3f1 represents the implied 1-year forward rate as of today.
The term ?3f1 represents the 3-year forward rate as of year 1.
 How is the term ?3f1 interpreted as it is used in

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