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12. The term structure of interest rates is as follows: Maturity Spot Rate 1 year 16% 2 years 14% 3 years 12% What is the

12. The term structure of interest rates is as follows: Maturity Spot Rate 1 year 16% 2 years 14% 3 years 12% What is the forward rate for two years, one year from now (f2,1)? a. 21% b. 8.1% c. 14% d. 15% e. 10% f. 11% g. 16% h. 12%

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