FRA 
David,
We know that T period spot rate can be written as
(1+RT)^T=(1+R1)(1+F1,2).......(1+FT-1,T)
Now if R1 is for first 3 months, then F12 is the 3-6 FRA rate,.....FT-1,T is the 9-12 FRA rate then how to us ethe above formula to get RT i.e. the 1-year interest rate???
