UPH enters into a three-year, interest-only, floating rate loan with a notional principal amount of $110000 in the first year, $117500 in the second year and $126000 in the third year. UPH will swap the floating rate interest for a fixed rate interest for the three year period. Given the following forward interest rates, find the fixed rate for the swap. (Type your answer in decimal)

Period Forward Interest Rate (%)

[0,1] 4.7 %

[1,2] 5.05 %

[2,3] 5.9 %

[3,4] 6.4 %

no excel please, thank you:)