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You are given the following for a 3-year par bond with a maturity value 1: - Interest rate from year 0 to year 1 is

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You are given the following for a 3-year par bond with a maturity value 1: - Interest rate from year 0 to year 1 is 4% Interest rate from year 0 to year 2 is 5% (annual) - 1-year implied forward rate from year 2 to year 3 is 5.5% What is the par coupon on a 3-year bond

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