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Consider the following spot interest rates for maturities of one, two, three, and four years. r 1 = 3.9% r 2 = 4.5% r 3

Consider the following spot interest rates for maturities of one, two, three, and four years.

r1 = 3.9% r2 = 4.5% r3 = 5.2% r4 = 6.0%

What are the following forward rates, where f1, k refers to a forward rate for the period beginning in one year and extending for kyears? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

f1,1 %
f1,2 %
f1,3 %

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