Suppose that risk-free zero interest rates with continuous compounding are as follows:
$$
\begin{array}{cc}
\hline \begin{array}{c}
\text { Maturity } \\
\text { (months) }
\end{array} & \begin{array}{c}
\text { Rate } \\
\text { (\% per annum) })
\end{array} \\
\hline 3 & 3.0 \\
6 & 3.2 \\
9 & 3.4 \\
12 & 3.5 \\
15 & 3.6 \\
18 & 3.7 \\
\hline
\end{array}
$$
Calculate forward interest rates for the second, third, fourth, fifth, and sixth quarters.