I have the solution but I am confused as to how they got the implied forward rates. Please explain that portion of the solution.

The table below shows the spot rates for the given lengths of time. Number of Years Effective annual spot rate 2.5% | 3.1% 3.4% 3.6% 4.0% 4.2% Calculate the swap rate for a two-year deferred, three-year interest rate swap with settlement at the end of the year. (A) (B) (C) (D) (E) 3.4% 3.7% 4.1% 4.6% 5.0% 158. Solution: D First, the implied forward rates are 4 Year Implied forward rate 2.5% | 3.7% | 4.0% | 4.2% | 5.62% | 5.21% 0.040.042 0.03618+0.3646+0.04619-0.11883. PV (floating payments)-((1.034), . (1036). (1.04)) PV (fixed payments)-1- r_+_r_+_r-l-o.90456 + 0.86808 + O.82 193)r-259457r. Equating floating to fixed payments: 011883-25945?r for r (259457)-46% (1.034), (1036). (104), 0.1183