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You want to borrow $1,000,000 starting 1 year from now for 2-years, which means you will repay the entire loan 3 years from now. What

You want to borrow $1,000,000 starting 1 year from now for 2-years, which means you will repay the entire loan 3 years from now. What would be the fair value for the rate at which you can borrow if 1-year rate is 4% and the 3-year rate is 3.75%.

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