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5-15) Suppose that the interest rate on a one-year bond is 7% today and the interest rate expected on one-year bonds in the future are 6% in one year, 5% in two years and 4% in three years. a) According to the expectations theory of the term structure, what are the interest rates today on a two-year bond, a three-year bond, and a four-year bond? 0 1 2 3 ₁ = 7% 6% 5% 4% ₂ = 6.5% ₃ = 6.0% ₄ = 5.5% b) If the term premium is equal to 0.5% times the number of years to maturity of a bond for times to maturity of two, three, and four years, what are the interest rates today on a two-year bond, a three-year bond, and a four-year bond? (Assume no term premium on one-year bonds.)

term premium = 0.50% times M Interest rates today

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₃ =

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