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The annualized YTM of 6-month and 12-month zero-coupon t-bills are 2.0% and 3.0%, respectively. An 18-month bond with 4% YTM trades in par. What is

The annualized YTM of 6-month and 12-month zero-coupon t-bills are 2.0% and 3.0%, respectively. An 18-month bond with 4% YTM trades in par. What is the annualized 18-month spot rate?

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