Current (annualised) US Treasury spot rates are as follows:

6 months	1 year	18 months	2 years
0.4%	0.5%	0.6%	0.7%

Derive six-monthly forward rates, including six- months forward rate 6 month from now - _0.5f_0.5, six-month forward rate 12 months from now - ₁f_0.5, and six-months forward rate 18 months from now - _1.5f_0.5 for the bond. Show calculations. (4.5 marks)