1. On December 6, the interest rate on a 3-month T-bill was 4.37% and for the 6-month T-bill was 4.74%. Assume there is a 0.05% (0.0005 in decimals) liquidity premium on the 6-month rate vs the 3-month rate. What is the 3-month T-bill the markets expected to see in 3-months (i.e., 3/6/23)?

2. On December 6, the interest rate on a 1-year T-note was 4.73% and for the 2-year T-note was 4.34%. Assume there is a 0.1% (0.001 in decimals) liquidity premium on the 2-year rate vs the 1-year rate. What is the 1-year rate the markets expected to see in 1-year (i.e., 12/6/23)?