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

6-month spot rate: 6%.

12-month spot rate: 11%.

18-month spot rate: 13%.

What is the forward rate for a one-year zero coupon bond issued 6 months from today? Equivalently, the question asks for f21, where 1 time period consists of 6 months. All rates are compounded semi-annually.

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

Hint: Locking in the 18-month rate today should produce the same return as locking in the 6-month rate first, and then investing the proceeds in a one-year zero coupon bond issued 6 months from today.