Consider the following annualized spot rates: Maturity Annualized Spot Rates
Six-months 2.00%
One-year 3.00%
Eighteen-months 4.00%
Two-years 5.00%
Thirty-months 6.00%
Based on this information calculate the implied six-month forward rate one-and-a-half years from now. Report your answer as an annualized percentage rounded to two decimal places (e.g. 4.21%)