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All rates in this question are quoted with semi-annual compounding. You observe two spot rates. The 22 month spot rate is 11.60%, while the 24

All rates in this question are quoted with semi-annual compounding. You observe two spot rates. The 22 month spot rate is 11.60%, while the 24 month spot rate is 12.60%. What is the forward rate from 22 months to 24 months?

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