Bond	Period	Year	Coupon	Price	YTM	Spot	Forward
A	1	0.5	4.8	101.78	1.22%	1.22%	1.22%
B	2	1	5.4	102.25	3.10%	3.12%	5.05%
C	3	1.5	6.2	101.34	5.26%	5.35%	9.87%
D	4	2	8.1	106.4	4.71%	4.76%	3.01%

The table above reports the prices and coupons of four bonds, as well as some implied rates. The coupons are paid semiannually. The rates in the table are APR (Answers should also be APR.) Forward rates for a period start a period before and continue for this period only: for example, the missing forward rate in the second row is the forward rate between 6 months from now and 12 months from now, the 9.87% forward rate in the third row is the forward rate between 12 months from now and 18 months from now

Q3- If you believe that the liquidity hypothesis is true, how does it change your view on the forward rates, compared to the situation when you believe in the pure expectation hypothesis?