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The following is a list of yields for zero-coupon bonds with different maturities and par values of $1,000. Maturity (years) Yield to Maturity 1 8.09%

The following is a list of yields for zero-coupon bonds with different maturities and par values of $1,000.

Maturity (years) Yield to Maturity
1 8.09%
2 7.67%
3 8.24%
4 8.90%

According to the expectations theory, what is the expected forward rate in the third year?

Group of answer choices

7.23%

10.90%

9.37%

9.00%

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