Patel Inc. has two alternatives for one-year investments. Alternative 1 is buy a one-year investment at the one-year spot rate which is known with certainty. Alternative 2 is buy a six-month bond and, when it matures in six months, buy another six-month bond. The first six-month spot rate is known with certainty, but the second six-month rate is unknown. The following table shows theoretical spot rates: Period 1 2 3 4 Years 0.5 1.0 1.5 2.0 Spot rate % 6.00% 6.25% 6.50% 6.75% Calculate the second six-month forward rate in which Patel would be indifferent between the two alternative investments. 6.00% 6.25% 6.50% 6.75%