On March 11, 20XX, the existing or current (spot) one-year, two-year, three-year, and four-year zero-coupon Treasury security rates were as follows:

1R1 = 4.75%, 1R2 = 4.95%, 1R3 = 5.25%, 1R4 = 5.65%

Using the unbiased expectations theory, calculate the one-year forward rates on zero-coupon Treasury bonds for years two, three, and four as of March 11, 20XX.

one-year forward rate for year 2:

(1+4.75%) (1+f) = (1+4.95%) ^2

(1+4.75%) (1+f) = 1.10145025

(1+F) = 1.10145025/1.0475

(1+f) = 1.0515

f = 5.15%

one-year forward rate for year 3:

(1+4.95%) ^2 (1+f) = (1+5.25%) ^3

(1+4.95%) ^2 (1+f) = 1.16591345312

(1+f) = 1.16591345312 / 1.10145025

(1+f) = 1.0585

f=5.85%

one-year forward rate for year 4:

(1+5.25%) ^3 (1+f) = (1+5.65%) ^4

(1+f) = 1.0685

f = 6.85%