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Consider the following spot rate curve: 6-month spot rate: 2%. 12-month spot rate: 5%. 18-month spot rate: 7%. 24-month spot rate: 10%. What is the

Consider the following spot rate curve: 6-month spot rate: 2%. 12-month spot rate: 5%. 18-month spot rate: 7%. 24-month spot rate: 10%. What is the forward rate for a 12-month zero coupon bond issued one year from today? Equivalently, the question asks for f22, where 1 time period consists of 6 months. Assume semi-annual compounding.

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