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Thanks david. It's more clear About semi annual, isn't (1+R1/2)^(2*T1) * (1+F/2)^(2*(T2-T1)) = (1+R2/2)^(2*T2) ?????

I'm little bit confused about calculation of Forward rate. Indeed i see there is few manner to determine it F(1,2) = (R2T2-R1T1) / (T2-T1) F(1,2) = (1+R2)/(1+R1) or exp(R2*T2) / exp(R1T1) Which is the different between the 2 case and when we use the 1st equation et the 2nd ? Thanks

Ok i understood. Thank you so much ShaktiRathore for your explanation.

Hi David, I have a question on exercice T4 13.4 (Tuckman) : 13.4. The term structure of spot rates is: 0.60% at 1 year; 0.90% at 2 years; 1.00% at 3 years; 2.20% at 4 years; 3.10% at 5 years. What is the two-year forward swap rate starting in three years, F(3,5), under respectively...