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(b) You are given the following spot rates: Term 1 year 2 years 3 years 4 years Spot rate 4.00% 4.50% 4.80% It is known

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(b) You are given the following spot rates: Term 1 year 2 years 3 years 4 years Spot rate 4.00% 4.50% 4.80% It is known that it is 5.34%. Determine X. [3]

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