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You are given the following spot rates: Term Spot Rate 1 year 4% 2 years 4.3% 3 years X 4 years 4.8 It is known

You are given the following spot rates: Term Spot Rate

1 year 4%

2 years 4.3%

3 years X

4 years 4.8

It is known that one-year forward rate for year 4 is 5.34%. Determine X.

Please shows the prodcdures

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