Assume the following Tresury spot rates and compute the following forward rates on an annualized bond equivalent yield bases: a) the 6-month forward rate three years from now b) the 2-years forward rate one year from now

\begin{tabular}{|ccc|} \hline Period & Years to Maturity & Spot Rate \\ \hline 1 & 0.5 & 4.4% \\ \hline 2 & 1 & 4.7% \\ \hline 3 & 1.5 & 4.9% \\ \hline 4 & 2 & 5.6% \\ \hline \end{tabular} \begin{tabular}{|ccc|} \hline 5 & 2.5 & 5.8% \\ \hline 6 & 3 & 6.2% \\ \hline 7 & 3.5 & 6.8% \\ \hline 8 & 4 & 7.4% \\ \hline \end{tabular}