Suppose the 1-year zero rate is 3% per annum, the 2-year zero rate is 4% per annum, and the 3-year zero rate is 4.6% per annum, all with continuously compounded. What is the forward rate per annum for the second year? The present value of this bond is 105. Select the most suitable answer.

a.

6.2%

b.

6.5%

c.

5.0%

d.

4.8%

e.

5.8%