Suppose that the spot interest rate on a one-year zero-coupon bond is 5.4% and the spot interest rate on a two-year zero-coupon bond is 4.75%. If you expect the one-year interest rate starting in one year to be 5.0%, what is the optimal investment strategy for a two-year investment? The strategies are identical. Buy a two-year bond. Buy a one-year bond and plan to buy a second one-year bond next year.