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The one-year forward rates, deferred for tyears, are described in the table below: t 0 1 2 3 4 One-Year Forward Rate 7.0% 6.0% 4.5%

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The one-year forward rates, deferred for tyears, are described in the table below: t 0 1 2 3 4 One-Year Forward Rate 7.0% 6.0% 4.5% 6.0% 10.0% Calculate the spot rate for a zero-coupon bond that matures three years from now

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