You are given the following spot interest rates:

t | t-year spot rate

0.5 | 4.12% 1. | 4.38% 1.5 | 4.50% 2 | 4.60% 2.5 | 4.80% 3 | 4.50% 3.5 | 4.30% 4. | 4.35%

The rates are convertible semi-annually. For example, a(0.5) = 1 + 0.0412/2 , a(1) = (1 + 0.0438/2)^2.

Calculate the k-year deferred 1-year forward rates for k = 1, 2, 3 and also the 1.5-year and 2.5-year par yields. All rates are convertible on a semi-annual basis, and the par yields are calculated assuming bonds pay semi-annual coupon.