11. Suppose we observe the three-year Treasury security rate (1 R3) to be 12 percent, the expected one-year rate next year-E(211)-to be 8 percent, and the expected one-year rate the following year-E(31)- to be 10 percent. If the unbiased expectations theory of the term structure of interest rates holds, what is the one-year Treasury security rate? (LG 2-7) 13. A recent edition of The Wall Street Journal reported interest rates of 2.25 percent, 2.60 percent, 2.98 percent, and 3.25 percent for three-year, four-year, five-year, and six-year Treasury notes, respectively. According to the unbiased expectations theory of the term structure of interest rates, what are the expected one-year rates during years 4, 5, and 6? (LG 2-7)