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All rates in this question are quoted with semi-annual compounding. You observe two spot rates. The 23 month spot rate is 11.80%, while the 27

All rates in this question are quoted with semi-annual compounding. You observe two spot rates. The 23 month spot rate is 11.80%, while the 27 month spot rate is 13.60%. What is the forward rate from 23 months to 27 months?

		24.25%
		24.53%
		23.95%
		23.79%

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