4. Pure expectations theory: Three-year bonds Yakov would thke to invest a certain amount of money for three vears and considers iavesting in a one-vear bond that pays 5 peccent, Yakov would then like to buy a second one-year bond that is expected to poy the one-year forward rate one year from now, and finally a thurd one-year bond that is expected to pay the one-year forward rate tho vears from now. (Hint: Assume that 2-year bonds and 3-year bonds both yield a.000\%,) If the annuatized interest tate on a three-year bond is 8 percent, the forward rate of a one-year secunty beginning two years from now is percent