问题
单项选择题
The 3-year annual spot rate is 7%, the 4-year annual spot rate is 7.5%, and the 5-year annual spot rate is 8%. Based on the pure expectations theory of interest rates, the 1-year implied forward rate in four years is closest to:（）
A. 10.00%.
B. 7.75%.
C. 9.00%.
答案
参考答案：A
解析：
4r1=(1+R5)5/(1+R4)4-1=(1.08)5/(1.075)4-1=1.47/1.335-1=0.10 or 10%.