The term structure of the interest rates is as follows: annual rate - 4%, two-year rate - 5%, four- year rate 7%, five-year rate - 8%. What, according to the expectations theory, should be the three- year spot rate if the forward interest rate in one year for the next two years is 6.44% assuming simple interest method. a. 6% b. 5,8% c. 10% . d. 6,5% x