Reading 23 exhibit 16 (linked)
I can’t understand the calculations for implied forward yield.
For example, 2 year forward yield should be 1.01912 = 1.015 × (1+r). This comes to 2.32 vs 2.31 in curriculum. Not a big deal.
For 3 year, 1.02233 = 1.01912 × (1+r). This comes to 2.873 vs 2.85 in curriculum.
What am I doing wrong? Is my interpretation or calculation wrong?
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