\begin{tabular}{|r|r|} \begin{tabular}{r} Time to Maturity \\ (years) \end{tabular} & \begin{tabular}{r} Zero-Coupon Bond \\ Price (\$) \end{tabular} \\ \hline 0.50 & 97.41 \\ 1.00 & 95.03 \\ \hline 1.50 & 92.79 \\ \hline 2.00 & 91.07 \\ \hline 2.50 & 89.08 \\ \hline 3.00 & 87.11 \\ \hline 3.50 & 85.27 \\ \hline 4.00 & 83.44 \\ \hline 4.50 & 81.74 \\ \hline 5.00 & 80.24 \\ \hline \end{tabular} Use these prices to calculate the implied forward rates (expressed with continuous compounding) for each half-year period starting with the half year ending at the end of year 1 through the half year ending at at the end of year 5 . What is the average of these 9 forward rates? A. B. C. D. E. 4.22% 4.31% 4.56% 4.60% 4.77%