2b) On March 11, 2020, the existing or current (spot) one-year, two-year, three-year, and four-year zero-coupon Treasury security rates were as follows: 1R1 = 4.45%, 1R2 = 4.95%, 1R3 = 5.18%, 1R4 = 5.89%.

Using the unbiased expectations theory, what are one-year forward rates on zerocoupon Treasury bonds for years 2, 3, and 4 as of March 11, 2020? [12 marks]