Calculating Forward Rates in Fixed Income

In a certain fixed income market, the current yield curve shows an upward slope, indicative of increasing interest rates over time. You have determined the following 1-year spot rates for the next three years:

Year 1: 2.0%
Year 2: 3.0%
Year 3: 4.0%

You are tasked with calculating the 1-year forward rate starting in Year 2 (i.e., the forward rate for Year 2 to Year 3). What is the correct forward rate for this period?