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Question L 1 year spot rate is 10%,1r2=11%,2r3=13%. a. Calculate 3 year spot rate using no - arbitrage principle. b. There are 2 strategies: C Strategy 1: Invest fund for 3 years C Strategy 2: Invest 1 year at a time for 3 years Using spot rate, forward rate and 3 year spot rate calculated from (a) what are the returns of two strategies? Are they equal? If they are equal, please answer (c) c. Although returns of two strategies are the same, two investors do not take the same decision. One takes strategy 1 , the other takes 2. Please give your explanation for this difference