单选题 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、

A. 10.00%.
B、

B. 7.75%.
C、

C. 9.00%.

【正确答案】 A

【答案解析】
₄r₁=(1+R₅)⁵/(1+R₄)⁴-1=(1.08)⁵/(1.075)⁴-1=1.47/1.335-1=0.10 or 10%.