Calculating Forward Rate from Spot Rates

A financial analyst is evaluating the term structure of interest rates and has noted the following spot rates:

• 1-year spot rate: 2%
• 2-year spot rate: 2.5%
• 3-year spot rate: 3%

The analyst wants to calculate the forward rate for the second year (the 1-year forward rate starting in one year). What is the correct calculation for this forward rate using the given spot rates?