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Consider the following spot interest rates for maturities of one, two, three, and four years. r 1 = 4.7% r 2 = 5.2% r 3

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

r1 = 4.7% r2 = 5.2% r3 = 5.9% r4 = 6.7%

What are the following forward rates, where f1, k refers to a forward rate for the period beginning in one year and extending for k years?

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