You are a recent graduate working with a large financial consulting firm as part of their graduate program. You have spent the previous couple of weeks participating in the graduate program training seminar. For your first project you have been put onto a team working with Fantra's (a global soft drink manufacturer) financial team. As an introductory exercise, to get you warmed up, your boss has provided you with the following data and asked you to calculate the one year forward rate 2 years from now.

ia,b	Interest rate
one period spot rate i0,1	4.5% pa
one period forward rate i1,2	9.4% pa
three period spot rate i0,3	6.95% pa

Calculate the one year forward rate two years from now. Give your answer as a percentage per annum to 2 decimal places.

i_2,3 = % pa