Let Z(t, T) denote the price at time t s T of a ZCB with maturity T. Suppose the annually compounded rate during [t, ] is a constant r A. Show that Z(t, T) = (1+ra)-(T-1), using no-arbitrage argument. Let Z(t, T) denote the price at time t s T of a ZCB with maturity T. Suppose the annually compounded rate during [t, ] is a constant r A. Show that Z(t, T) = (1+ra)-(T-1), using no-arbitrage argument