3. The 6-month zero interest rate is 5% and the 12 -month zero interest rate is 6%. A bank offers to borrow or lend money on a forward rate agreement starting in 6 months for a period of 6 months at a rate of 8.25% All rates are annually compounded. 3.a. Is the bank offering a fair forward rate quote? Why or why not? 3.b. Explain how you would take advantage of any prossible mispricing. Construct an arbitrage, if one exists. (No need to show the cash flows involved in your arbitrage)