You are provided with information about the yield curves of treasury securities as follows: Maturity (years) 1 On-the-run yield curve 2.50% 2.99% 3.48% 3.95% 4.37% Pure yield curve 2.50% 3% 3.50% 4% 2 3 4 5 The on-the-run yield curve s plotted using the yields of coupon bonds paying annual coupons, which are recently issued and traded at par. The pure yield curve is plotted using the yields of zero coupon bonds, Based on the yields information above, the forward rate of a 1-year loan beginning in three years is. _choose the closest answer) 45