Use the data below to answer questions 16 and 17

Spot interest rates for different maturities
Time to maturity	Spot Rate
1-year	2.50%
2-year	2.75%
3-year	3.00%
5-year	3.50%

1. According to the expectations hypothesis, what is the implied one-year forward rate two years from now?

2. According to the expectation hypothesis, what is the implied two-year forward rate three years from now? (rates provided in annual basis).