The following table provides the current market prices of U.S. Treasury securities:

Bond principal	Time to maturity	Annual coupon*	Bond price
$100	0.5 year	$0.00	$97
$100	1.0 year	$0.00	$94
$100	1.5 years	$4.00	$102

*Half the stated coupon is assumed to be paid every 6 months.

Calculate the zero rates for maturities of:

(a) 6 months,

(b) 12 months, and

(c) 18 months.

What are the forward rates for the following periods:

(d) 6 to 12 months, and

(e) 12 to 18 months?