A question about qlForward

[J Yu]

Below is the input and output of using qlForward:
 

 
Date
Spot Rate
Number of Days since Settlement
Fraction of Year when Act/365 is applied
Initial Value

Settlement Date
1/1/2003
 
 
 
1

 
1/28/2003
2.500%
             27.00
              0.07
1.001851026

 
2/28/2003
2.250%
             58.00
              0.16
1.003581742

 
3/28/2003
3.000%
             86.00
              0.24
1.007093534

 
 
 
 
 
 

 
qlForward
3.000%
 
 
 

 
 
 
 
 
 

 
use INTRate
0.045615
 
 
 

 
 manual calculation
 
 
 
 

 
ln(A2/A1)/∆T
  0.04554
 
 
 
 
As you see, 1/1/2003 is the settlement date, we want to calculate the
forward rate between 2/28/2003 to 3/28/2003.
Assuming the interest rate is compounded continuously on Act/365 day count.
 
I am puzzled by the output of qlForward, which is 3%,    When I use INTRATE
function that is built in Excel, I got 4.5615%, a manual calculation yields
4.554%.  Am I missing something here?  Or this qlForward should not be used
for forward rate calculation at all?
 
Cheers,