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The following table shows the prices of a sample of Narnian Treasury strips in December 2018. Each strip makes a single payment of $1,000 at

The following table shows the prices of a sample of Narnian Treasury strips in December 2018. Each strip makes a single payment of $1,000 at maturity. Maturity December 2020 December 2021 December 2022 December 2023 Price (%) 90.703 85.892 81.491 77.243 a. Calculate the annually compounded, spot interest rate for each year. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) * Answer is complete but not entirely correct. Maturity December 2020 December 2021 Spot Interest Rate 10.25 % 7.90 % 7.06 % 6.67 % December 2022 December 2023

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