Problem 4.4 The forward rates with continuous compounding are as follows, For example: Using the rates given in the table, the forward rate between the 12* and 15" month with continuous compounding is 4.0%, calculated as 3.6% x% 3.5% x}g 0.25 Suppose that the risk-free zero interest rates with continuous compounding are as follows Maturity Rate (months) (% per annum) 3 3.0 6 3.2 9 34 12 3.5 D 3.6 18 3.7 Calculate forward interest rates for the second, third, fourth, fifth and sixth quarters