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Consider the following $1,000 par value zero-coupon bonds: Bond Year to Maturity Yield to Maturity A 1 7.80% B 2 5.70% C 3 9.42% D

Consider the following $1,000 par value zero-coupon bonds:

Bond Year to Maturity Yield to Maturity
A 1 7.80%
B 2 5.70%
C 3 9.42%
D 4 8.72%
E 5 11.54%

The expected one-year interest rate three years from now should be __________.

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