Forward Rate Calculation from Spot Rates

A fixed-income analyst is examining the forward rate agreements (FRAs) for a range of maturities within the yield curve. The analyst notes that the current spot rates are:

- 1-year spot rate (S1) = 2.0%
- 2-year spot rate (S2) = 2.5%
- 3-year spot rate (S3) = 3.0%

The analyst wants to compute the 1-year forward rate starting in 2 years (F2,1). To calculate this forward rate, the analyst uses the relationship between the spot rates:

F2,1 = (S3^3 / S2^2) - 1

Using this information, what is the correct calculation for F2,1 expressed in percentage terms?