A fixed income trading desk is constructing different interest rates from the set of "risk free" bonds below. - 1-year annual pay bond trading at 4.5% yield - 2 -year 3.5% annual pay bond trading at 5.35% - 3-year 4.5% annual pay bond is trading at a yield of 6.20% 1. What are the spot rates for each term point (1-year, 2-year, and 3-year)? 2. What are the forward rates for a 1 -year term that starts today (the 0 year 1 year forward), starts in one year's time (the 1 year - 2 year forward), and starts in 2-years' time (the 2 year - 3 year forward)