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9. Suppose that loans can only be made with terms to maturity of 1, 2, 3, or 4 years. So, for example, 1 month loans

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9. Suppose that loans can only be made with terms to maturity of 1, 2, 3, or 4 years. So, for example, 1 month loans are not an option. In that case, list all 8 ways to lend money for a period of 4 years, and for each way, write down the expression that describes the corresponding expected gross return on a $1 loan. For example, a sequence of two consecutive 2 year loans (one of the 8 ways to lend money for 4 years) has an expected gross return of $1.oo(1 +1012)2(1 + i312)

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