The table below shows the spot rates for the given lengths of time.

Numbers $456$

of years

Effective $2\mathrm{.}5\%3\mathrm{.}1\%3\mathrm{.}4\%3\mathrm{.}6\%4\%4\mathrm{.}2\%$

annual

spot ratee

Calculate the swap rate for a two$-$ year deferred, three$-$ year interest rate swap with settlement

at the end of the year. $[10]$