Suppose that the prices of zero-coupon bonds with various maturities are given in the following table. The face value of each bond is $1,000.

Maturity (Years)	Price
1	$953.16
2	863.39
3	794.92
4	728.60
5	650.00

a.	Calculate the forward rate of interest for each year. (Round your answers to 2 decimal places. Omit the "%" sign in your response.)

Maturity (years)	Forward Rate
2	%
3	%
4	%
5	%

b.	How could you construct a 1-year forward loan beginning in year 3? (Do not round intermediate calculations. Round your answers to 2 decimal places. Omit the "$" & "%" signs in your response.)

Face value	$
Rate of synthetic loan	%

c.	How could you construct a 1-year forward loan beginning in year 4? (Do not round intermediate calculations. Round your answers to 2 decimal places. Omit the "$" & "%" signs in your response.)

Face value	$
Rate of synthetic loan	%