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The zero curve is upward sloping. Define Y as the 1-year zero rate and Z as the forward rate for the period between 1 and

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The zero curve is upward sloping. Define Y as the 1-year zero rate and Z as the forward rate for the period between 1 and 1.5 year. Which of the following is true? 1) Y is less than Z 2) Y is more than Z 3) Y is equal to Z 4) Cannot decide from the information

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