4. (20 points). You observe the yields of the following benchmark securities (all rates are annual): Year Yield to Maturity(%) Spot Rate (%) Year Yield to Maturity (%) Spot Rate (%) 1.0 4.3 4.30 6.0 5.7 ? 2.0 4.7 4.71 7.0 6 ? 3.0 4.9 4.92 8.0 6.5 ? 4.0 5.2 5.24 9.0 6.8 7.16 5.0 5.5 5.57 10.00 7.1 7.57 Every security pays a coupon annually, is worth par and has a coupon equal to its yield. Answer the below questions. (a) Calculate the missing spot rates. (b) What is the price of a 5% six-year security per $100 of face? (c) What is the one-year forward rate starting seven years from now? (d) What is the two-year forward rate starting six years from now? In your answers, quote the rates as annual rates