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Today's 5-year spot rate is 2.5%, and the 3-year spot rate is 1.5%. According to the pure expectations theory, if we assume investors are indifferent

Today's 5-year spot rate is 2.5%, and the 3-year spot rate is 1.5%. According to the pure expectations theory, if we assume investors are indifferent to maturities the 2-year annualized forward rate starting 3 years from now is _____

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