Refer to the following table:

Maturity (years)	1	2	3	4	5
Zero-coupon YTM	4.18%	5.44%	5.44%	4.86%	4.31%

What is the forward rate for year 5 (the forward rate quoted today for an investment that begins in four years and matures in five years)? Note: Use at least four decimal places in all intermediate calculations.

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Part 1

The forward rate for year 5 is