Suppose you are given the following information about four different, default-free bonds, each with a face value of $1,000. The coupon bonds have annual payments.

• The yield to maturity of bond A with a maturity of 1 year and a coupon rate of 0% is 2%.
• The yield to maturity of bond B with a maturity of 2 year and a coupon rate of 10% is 3.908%.
• The yield to maturity of bond C with a maturity of 3 year and a coupon rate of 6% is 5.840%.
• The yield to maturity of bond D with a maturity of 4 year and a coupon rate of 12% is 5.783%.

Given this information, what is the four-year spot rate?