3.5* The current term structure results in the forward rated frem, fic 2 ....., fim_1,n] for the coming n years. A one-year deferred n-1 -year interest rate swap is arranged at the start of the first year, assuming a level notional amount for the n-1. year tenor of the swap. A year later the term structure is such that the forward rates are 61831), F1121,,...,41922,-11 for the coming n-1 years (1) and (2) denote forward rates as of the beginning of the first year and the beginning of the second year, respectively). Suppose that 122.41 = f(x+1for k =1,2,...,n. Show if a swap is arranged at the beginning of the second year, the swap rate for an n-1 year swap with level notional amount will be the same as the swap rate for the one-year deferred swap that was arranged at the start of the first year. Second year 3.5* The current term structure results in the forward rated frem, fic 2 ....., fim_1,n] for the coming n years. A one-year deferred n-1 -year interest rate swap is arranged at the start of the first year, assuming a level notional amount for the n-1. year tenor of the swap. A year later the term structure is such that the forward rates are 61831), F1121,,...,41922,-11 for the coming n-1 years (1) and (2) denote forward rates as of the beginning of the first year and the beginning of the second year, respectively). Suppose that 122.41 = f(x+1for k =1,2,...,n. Show if a swap is arranged at the beginning of the second year, the swap rate for an n-1 year swap with level notional amount will be the same as the swap rate for the one-year deferred swap that was arranged at the start of the first year. Second year