Assume that there are three annual paying coupon bonds (Bond X,Y and Z ) in issue that all have a nominal value of R13 700 and are redeemable in the ist year, 2nd year and 3rd yeat respectively. Bond X, which is redeemable in a year's time, has a coupon rate of Bin and is trading at R14 110. Bond Y, which is redeemable in two years, has a coupon rate of 6:5 and is trading at R13 980. Bond Z, which is redeemable in three years, has a coupon rate of 4 is and is trading at R13 200 Determine the annual spot growth rates for the three years