20.

The zero curve is upward sloping. Define X as the 1-year zero rate. Y as the 1.5-year zero rate and Z as the forward rate for the period between 1 and 1.5 years. Which of the following is true ? O a. Y is less than X which is less than Z Ob. X is less than Z which is less than Y O c. X is less than Y which is less than Z