Alex would like to invest a certain amount of money for three years and considers investing in a one$-$year bond that pays $6$ percent. Alex would then like to buy a second one$-$year bond that is expected to pay the one$-$year forward rate one year from now, and finally a third one$-$year bond that is expected to pay the one$-$year forward rate two years from now. $($Hint: Assume that $2-$year bonds and $3-$year bonds both yield $7\mathrm{.}000\%.)$

If the annualized interest rate on a three$-$year bond is $7$ percent, the forward rate of a one$-$year security beginning two years from now is

percent.