Use the following interest rates and inflation rate data to answer the following questions below:

90-day	Treasury bills	8.36%
180-day	Treasury bills	8.48%
2-year	Treasury bills	9.10
3-year	Treasury bills	9.25
90-day	Commercial paper	9.15
3-year	Corporate bonds	10.10
3-year	Municipal bonds	7.07
Expected 2-year inflation rate		3.5

a. According to the fisher effect, what is the expected real rate of return on the 2-year Treasury security?

b. What should be the one-year forward rate on Treasury securities be two years from now?

c. At what tax rate would an investor be indifferent between holding the 3-year municipal or 3-year corporate bond?

d. What is the default risk premium on 3-year AA-rated corporate bonds?