Kevin would like to invest a certain amount of money for three years and considers investing in a one$-$year bond that pays $3$ percent. Kevin would then like to buy a second one$-$year bond that is expected to pay the one$-$year forward rate one year from now, and finally a third one$-$year bond that is expected to pay the one$-$year forward rate two years from now. $($Hint: Assume that $2-$year bonds and $3-$year bonds both yield $8\mathrm{.}000\%.)$

If the annualized interest rate on a three$-$year bond is $8$ percent, the forward rate of a one$-$year security beginning two years from now is percent.