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2. A two-year Treasury bill offers a 7.8% yield to maturity. The market's concensus forecast is that one-year T-bills will offer 8.7% next year. What

2. A two-year Treasury bill offers a 7.8% yield to maturity. The market's concensus forecast is that one-year T-bills will offer 8.7% next year. What is the current yield on a 1-year T-bill if the expectations hypothesis holds? Enter your answer as a percentage. Do not include the percentage sign in your answer.

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