The following table shows the current term structure of interest rates: Length of Investment in Years Interest Rate 1 2. X +.01 3 3.096 4 3.4% 5 3.7% The one-year forward rate, deferred one year, implied by these rates is 3.5%. Find X. a. 1.49% b. 1.28% c. .97% d. .82% e. 1.13%