The $1-$year spot rate is $4\%.$ The $4-$year spot rate is $6\%.$

Assuming semiannual compounding, the no$-$arbitrage $3-$year forward

rate to start in $1$ year is closest to:

$6\mathrm{.}67\%.$

$3\mathrm{.}33\%.$

$3\mathrm{.}00\%.$