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The annualized YTM of 6 - month and 1 2 - month zero - coupon t - bills are 5 . 5 % and 6

The annualized YTM of 6-month and 12-month zero-coupon t-bills are 5.5% and 6%, respectively. An 18-month bond with YTM of 7% trades in par. What is the annualized 18-month spot rate?

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