Today, a 1-year bond has an annualized rate of return of 5% per year. A 2-year bond has an annualized rate of return of 8% per year. A 3-year bond has an annualized rate of return of 3% per year. What is the forward rates for a 1-year bond in the second year?

Also what is the forward rates for a 1-year bond in the first year?