The current price of $1 par of a zero maturing at time 2 is $0.90. In addition, you can contract today to purchase, at time 2, $1 par of a zero maturing at time 3. The forward price to pay at time 2 for this zero maturing at time 3 is $0.94. It costs nothing today to enter into this forward contract. a) What is the forward rate from time 2 to time 3? b) Describe transactions in the 2-year zero and the forward contract that together synthesize a spot purchase of $1 par of the zero maturing at time 3. (With the spot purchase, you pay for the zero today, rather than in 2 years.) c) Assuming there are no arbitrage opportunities, what is the current spot price (the price to pay today) for $1 par of the zero maturing at time 3?