请问par rate和spot rate有什么区别？

问题如下：

Exhibit 1 presents the current par and spot rates.

Note: Par and spot rates are based on annual-coupon sovereign bonds.

Based on Exhibit 1, the forward rate of a one-year loan beginning in three years is closest to:

选项：

A.

4.17%

B.

4.5%

C.

5.51%

解释：

C is correct.

考点：Forward rates和Spot rates之间的关系

解析：

根据Forward rate和Spot rate之间的关系，有公式：

$(1+S_4)^4=(1+3.50\%)^3\times(1+f(3,1))^1$

${l}{}^{}\\f(3,1)=\frac{{(1.04)}^4}{{(1.035)}^3}-1=5.514\%$