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Treasury Security Maturity Date Spot Yield (%) As of October 2020 October 2021 October 2022 October 2023 October 2024 October 2025 3.75% 4.25% 4.70% 5.30%

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Treasury Security Maturity Date Spot Yield (%) As of October 2020 October 2021 October 2022 October 2023 October 2024 October 2025 3.75% 4.25% 4.70% 5.30% 5.90% A. Calculate the 1-year forward rate as of October 2024 (answer in percent with 2 decimal places) B. Calculate the 1-year forward rate as of October 2022 (answer in percent with 2 decimal places). C. What is the shape of the yield curve and why

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