53 Zero rates a zero rate(or spot rate), for maturity T is the rate of interest earned on an nvestment that provides a payoff only at time t Options, Futures, and other Derivatives, 5th edition 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 5.3 Zero Rates A zero rate (or spot rate), for maturity T is the rate of interest earned on an investment that provides a payoff only at time T