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+1Rn) |(1 + 1Rn-1)N-1 Why is the calculated implied forward rate more than the zero-coupon? Why is the calculated implied 1 1-year - 2-year 5 3-year 7 4-year 18 5-year 19 6-year 20 7-year 21 8-year 22 9-year 23 10-year 24 11-year 25 12-year Zero-Coupon I 0.79% 1.08% 1.33% 1.59% 1.80% 1.96% 2.07% 2.17% 2.25% 2.33% 2.40% 2.45%