Problem 15-17 The current yield curve for default-free zero-coupon bonds is as follows: Maturity (Years) YTM (%) 6% a. What are the implied 1-year forward rates? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Maturity 2 years 3 years Forward Rate b. Assume that the pure expectations hypothesis of the term structure is correct. If market expectations are accurate, what will be the yield to maturity on 1-year zero-coupon bonds next year? Shift downward Shift upward