8. The one-year spot rate is 2%; the one-year forward rate from year 1 to 2 is 3%; and the one-year forward rate from year 2 to 3 is 4%. All rates are compounded, and coupons paid, annually. (a) What are the two- and three-year spot rates? (b) What is the price of a three-year coupon bond with an annual coupon rate of 4% and a face value of $100? (c) The yield to maturity of this bond is 2.97%. What is its duration?