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If you observe the following yield curve rates, what is the one-year forward rate for a Treasury security originated at the beginning of year 3?

If you observe the following yield curve rates, what is the one-year forward rate for a Treasury security originated at the beginning of year 3?

Maturity

Yield

One year

5.50%

Two years

6.50%

Three years

9.00%

Four years

10.00%

7.51%

12.35%

10.08%

14.18%

13.06%

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