The current spot rates (annualized) for maturities expressed in months are: 011=3.5%, 012=4%, 016=5%, 0110=6% and 0112=6.5%. The first subscript refers to the starting date of the investment while the second subscript refers to the term/maturity of the investment. [Note that the second subscript is NOT a date but a length.] Assuming that the expectations theory of interest rates holds, derive the market expectations zi@g implicit in the above term structure. Answer the question assuming monthly compounding. Explain all the steps of your argumentation and show all the details of your calculations