求助一道inflation premium題目
題目: Little Monsters Inc. borrowed $1,000,000 for two years from Northern Bank Inc. at an
11.5% interest rate. The current risk-free rate is 2% and Little Monsters’s financial
condition warrants a default risk premium of 3% and a liquidity risk premium of 2%. The
maturity risk premium (i.e. the premium paid for investor’s willingness to hold longer term
for two-year loan is 1% and inflation is expected to be 3% next year. What does this
information imply about the rate of inflation in the second year?

以下是official 答案:
If inflation were expected to remain constant at 3% over the life of the loan, the interest rate
on the two-year loan would be 11%. Since the actual two-year interest rate is 11.5%, the one-year
interest rate in year 2 must be 12%, since 11.5 = (11 + 12)/2.
The required rate of 12% = Rf + DRP + LP + MRP + Inflation Premium.
= 2% + 3% + 2% + 1% + Inflation Premium.
So, the Inflation Premium in year 2 is 4%. But this is an average premium over two years.
Inflation Premium 4% = (Year 1 Inflation + Year 2 Inflation)/2 = (3% + x)/2 →x = 5%

但想請問斜體字那邊的意思及為什麼那4%是average premium，可否請大家幫幫忙?感謝