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The spot rates for three hypothetical zero-coupon bonds (zeros) with maturities of one, two, and three years are 9%, 10% and 11% respectively. Is the

The spot rates for three hypothetical zero-coupon bonds (zeros) with maturities of one, two, and three years are 9%, 10% and 11% respectively. Is the forward rate for a two-year zero issued one year from today [f(1,2)] closest to:

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