请问这5个forward rate是根据7%剥离出来的吗？

问题如下：

Scott recognizes that this US Treasury bond may not be suitable for investors who want zero reinvestment risk. He suggests that an alternative instrument is a US Treasury zero-coupon note. It is newly issued, with a five-year term, and priced at $71.30 ($100.00 face value) to yield 7.00% to maturity. Scott says that some investors may purchase this Treasury zero-coupon note today and hold it for five years to maturity. Scott continues by stating that other investors may purchase this Treasury zero-coupon note in two years and then hold it for three years to maturity. Scott asks Bird to determine the forward rate that would cause investors to be indifferent about either purchasing the Treasury zero-coupon note today or purchasing it two years from today.

Current spot rates and extrapolated one year forward rates are provided in Exhibit 1.

Using the information provided in Exhibit 1, the forward rate at which an investor would be indifferent to purchasing the US Treasury zero-coupon note today or two years from today is closest to:

选项：

A.

11.10%

B.

7.00%

C.

9.05%

解释：

Correct Answer: C

The forward rate at which an investor would be indifferent to purchasing the Treasury zero-coupon note today or two years from today, or the breakeven rate, is equal to the three-year rate, two years forward = f(2,3) = 9.05%, where r(1)= 3%, r(2)=4%, r(3)=5%, r(4)=6%, r(5)=7%.