The yield to maturity on one-year zero coupon bonds is 4.76%. The yield to maturity on two-year zero coupon bonds is 6.78%. Required: a. What is the forward rate of interest for the second year? (Do not round intermediate calculations. Round your answer to 2 decima places.) b. According to the expectations hypothesis, what is the expected value of the one-year inte rate for next year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)