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The current yield curve for default-free zero-coupon bonds is asfollows:Maturity (years)YTM19.4%210.4311.4a. What are the implied one-year forward rates?(Do not round intermediate calculations.Round your answers to 2 decimal places.)b. Assume that the pure expectations hypothesis ofthe term structure is correct. If market expectations are accurate,what will the pure yield curve (that is, the yields to maturity onone- and two-year zero-coupon bonds) be next year?There will be a shift upwards in next year's curve.There will be a shift downwards in next year's curve.There will be no change in next year's curve.c. What will be the yield to maturity on two-yearzeros? (Do not round intermediate calculations.Round your answers to 2 decimal places.)d. If you purchase a two-year zero-coupon bondnow, what is the expected total rate of return over the next year?(Hint: Compute the current and expected future prices.)Ignore taxes. (Do not round intermediate calculations.Round your answer to 2 decimal places.)e. If you purchase a three-year zero-coupon bondnow, what is the expected total rate of return over the next year?(Hint: Compute the current and expected future prices.)Ignore taxes. (Do not round intermediate calculations.Round your answer to 2 decimal places.)