The time-to-maturity of a Eurodollars futures contract is 4 years, and the time-to-maturity of the rate underlying the futures contract is 4.25 years. The standard deviation of the change in the short term interest rate, s = 0.011. If the Eurodollar futures is currently quoted at 95.30, estimate the forward interest rate in an FRA.

4.7%

5.3%

4.6%

4.45%