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The one-year spot rate is 4%, the two-year spot rate is 4.5%, the three-year spot rate is 4.75%, and the four-year spot rate is 5%.

The one-year spot rate is 4%, the two-year spot rate is 4.5%, the three-year spot rate is 4.75%, and the four-year spot rate is 5%. What is the forward rate for year 3 (the forward rate quoted today for an investment that begins in two years and matures in three years)?

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