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Suppose that a commoditys forward prices for 1 year, 2 years, and 3 years are$85, $75, and $65. The 1-year effective annual interest rate is

Suppose that a commoditys forward prices for 1 year, 2 years, and 3 years are$85, $75, and $65. The 1-year effective annual interest rate is 3.9%, the 2-yearinterest rate is 4.5%, and the 3-year interest rate is 5.0%. What is the price of a 2-year swap beginning in 1 year? (The first swap settlement will be in 2 years and thesecond settlement in 3 years.)

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