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34. Assume that the current one-year bond interest rate is 0.0487 and the two forward rates are 0.0514 in one year's time and 0.0591 in

34. Assume that the current one-year bond interest rate is 0.0487 and the two forward rates are 0.0514 in one year's time and 0.0591 in two years' time. What is the current spot interest rate for a three-year bond? Use four (4) decimal places in your answer.

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