Consider investment in three STRIPS (M=100), the first STRIPS matures in six months, the second STRIPS matures in 12 months, the third STRIPS matures in 18 months. The price of the first STRIPS is 98:12 (so ₁ = 1.6518%), the price of the second STRIPS is 96:20 (so ₂ = 1.7315%), and the price of the third STRIPS is 94:26 (3 = 1.7915%). Based on the spot rates above, calculate the implied forward rates ₁1 and ₂1 . Assume the unbiased Expectations Theory holds, so ('1) = ₁1 and ('2) = ₁2 . Also, assume that realized future spot rates match the expectations: 1 = ₁ 1 and 2 = ₁2 . Calculate the one period realized rates of return on the three STRIPS (i.e., buy the bond today and sell it six months later).