The YTMs on benchmark one year, two year, and three year annual pay bonds that are priced at par are listed in the table below Bond Yield 1 year 2 48 2 year 3 29 3 year 3 77 What is the three year spot rate for no arbitrage pricing Enter answer in percents

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The YTMs on benchmark one-year, two-year, and three-year annual pay bonds that are priced at par are listed in the table below. Bond Yield 1-year

The YTMs on benchmark one-year, two-year, and three-year annual pay bonds that are priced at par are listed in the table below.

Bond	Yield
1-year	2.48
2-year	3.29
3-year	3.77

What is the three-year spot rate for no-arbitrage pricing? Enter answer in percents.

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