Assume that as of today, the annualized two$-$year interest rate is $9\%,$ while the one$-$year interest rate is $7\%.$

A$.$ Using only this information, estimate the one$-$year forward rate.

B$.$ Assume that you now believe the liquidity premium on a two$-$year security is $1\mathrm{.}4\%.$ Incorporate this information into your analysis and re$-$estimate the one$-$year forward rate.