1.The two-period spot rate,S2,is  9% and the current one-period (spot) rate is 5%,Calculate the forward rate for one period, one period from now,₁f_1.

(1+9%)=(1+5%)(1+₁f₁)

₁f₁= 3.81%

问题：（1+9%）计算平方，₁f₁= 13.15？

2.The five-period spot rate is 7% and the 3-period spot rate is 5%,Calculate the 2-year forward rate 3 years from today?

(1+7%)=(1+5%)(1+₂f₃)

₂f₃=1.90%

问题：（1+7%）计算3次方，₂f_{3应为2f1,计算出来是8.01%。}

_{请确认，谢谢。学员zxf3775}

 对于第一小问，　应该是

(1+9%)*(1+9%)*=(=(1+5%)(1+₁f₁) ,计算出₁f_{1就可以了．}

(1+7%)的五次方=(1+5%)（1+5%）（1+5%）(1+₂f₃) ）(1+₂f₃) ，计算出₂f_{3就可以了}

谢谢胡老师!