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Assume that as of today, the annualized interest rate on a three - year security is 9 . 5 % , while the annualized interest

Assume that as of today, the annualized interest rate on a three-year security is 9.5%, while the annualized interest rate on a two-year security is 6.8%. Using only this information, estimate the one- year forward rate two years from now.

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