Consider the following spot rate curve for the next 2 questions:

• 6-month spot rate: 5%.
• 12-month spot rate: 6%.
• 18-month spot rate: 9%.
• 24-month spot rate: 13%

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. Round your answer to 4 decimal places. For example if your answer is 3.205%, then please write down 0.0321.