8. Assume you observe a nominal interest rate of 8%, and you believe the real rate is 2.5%. What is your expectation of inflation? 9. Interest rates are 9% on corporate bonds, while the interest rate is 6.5% on an otherwise similar municipal bond. What is the implied tax rate in the market, given these two rates? 10. Interest rates on a 4 year treasury are 5.1%, and on a 5 year treasury its 5.3%. What is the forward rate for a 1 year security at the end of 4 years? If the Pure Expectations Theory holds, what is the market expecting the 1 year interest rate to be at the end of 4 years