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The annualized yield on a three - year security is 1 4 percent; the annualized two - year interest rate is 1 3 percent, while

The annualized yield on a three-year security is 14 percent; the annualized two-year interest rate is 13 percent, while the one-year interest rate is 11 percent. The one year forward rate that starts two years from today is____ percent

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