The following table states the yields to maturity of one-year, two-year and three-year Treasury notes. (Hints: Treasury note is discount bond with face value of $1,000.) Term YTM 1-year 2.60 2-year 2.40 3-year 2.20 (a) Is the yield curve sloping upwards or downwards? (1 marks) (b) Compute the price of the three-year Treasury note. (4 marks) (c) What is the duration of the three-year Treasury note? (2 marks) (d) Assuming the expectation theory is the correct theory of the term structure, calculate the expected one-year yield rate of next year. (4 marks) (e) Assuming the expectation theory is the correct theory of the term structure, calculate the expected one-year yield rate of 2 years later. (4 marks)