The following table lists the annual spot rates for the next $4$ years:

Time $($years$)$ Rate $(\%)$

$12\mathrm{.}12$

$23\mathrm{.}27$

$34\mathrm{.}36$

$45\mathrm{.}47$

Under these conditions, what would be the $2$ year forward rate $2$ years from now? In earlier notation, you are looking for $2$y$2$y forward rate, and in the notation of this chapter, you are looking for the f$(2,2)$ rate.

Enter answer in percents.