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The Observed YTM on a 5-Year, Zero-Coupon T-Bond Is 4

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The observed YTM on a 5-year, zero-coupon T-bond is 4.1%, whereas a 4-year, zero-coupon T-bond is yielding 3.8%. What is the implied one-year forward rate four years from today?

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(1.041)5 = (1.038)4 x ...

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