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	$	925.93
2		853.39
3		782.92
4		715.00
5		650.00

a. Calculate the forward rate of interest for each year. (Round your answers to 2 decimal places.)

b. How could you construct a 1-year forward loan beginning in year 3? (Round your Rate of synthetic loan answer to 1 decimal place.)

Face Value $
Rate on synthetic loan

c. How could you construct a 1-year forward loan beginning in year 4?

Face Value
Rate on synthetic loan