Calculate the implied forward rates on one-year securties using the unbiased expectations theory. Keep the calculated value in one cell and make it as general as possible, i.e. use formulas such as COUNT, SUM, PRODUCT, etc. (Hint: Use COUNT() for the N value.)

1=1+11+1111 Nf_1=[(1+1R_N )^N/(1+1R_(N-1) )^(N-1) ]-1

Why is the calculated implied forward rate more than the zero-coupon?

	Zero-Coupon	Implied Forward
1-year	0.79%
2-year	1.08%
3-year	1.33%
4-year	1.59%
5-year	1.80%
6-year	1.96%
7-year	2.07%
8-year	2.17%
9-year	2.25%
10-year	2.33%
11-year	2.40%
12-year	2.45%
13-year	2.49%
14-year	2.53%
15-year	2.55%
16-year	2.59%
17-year	2.62%
18-year	2.67%
19-year	2.71%
20-year	2.75%
21-year	2.80%
22-year	2.84%
23-year	2.87%
24-year	2.90%
25-year	2.93%
26-year	2.96%
27-year	2.98%
28-year	3.00%
29-year	3.02%
30-year	3.03%