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Consider the following yield curve observed at time 0: Bond | Years to Maturity | Yield to Maturity A 1 6.10% B 2 7.60% C

Consider the following yield curve observed at time 0:

Bond | Years to Maturity | Yield to Maturity

A 1 6.10%

B 2 7.60%

C 3 8.10%

D 4 9.50%

E 5 11.50%

The expected 2-year spot rate two years from time 0 should be equal to: _________

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