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The spot rate for a security with a maturity of T can be expressed as:
A
a geometric mean of a series of T - 1 spot rates and the one-period forward rate at T.
B
a geometric mean of the spot rate for a security with a maturity of T = 1 and a series of T - 1 forward rates.
C
an arithmetic mean of the spot rate for a security with a maturity of T = 1 and a series of T - 1 forward rates.
