Suppose we have a curve built from swaps with annual coupons and spanning maturities  Suppose the swap rates are monotonically increasing (i.e. S_i j for T_i j). Define annually compounded zero rates Z_i via D(0,T_i) = 1/(1+z_i)ⁱ where D(0, T_i) is the discount factor up to time T_i. Also, define annually compounded forward rates F_i via (1 + F_i (T_i – T_{i – 1})) D(0, T_i) = T)(0, T_{i –1}). Determine which set of rates S_i, Z_i, or F_i is biggest.

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{T₁ = iy} 1. 10 i=1