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A one year Treasury bill offers a 4% yield to maturity. The market's concensus forecast is that one year T-bills will offer 3.9% next year.

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A one year Treasury bill offers a 4% yield to maturity. The market's concensus forecast is that one year T-bills will offer 3.9% next year. What is the current yield on a 2 year T-bill if the expectations hypothesis holds? Enter your answer as a percentage. Do not include the percentage sign in your answer. Enter your response below. Enter your answer to 2 DECIMAL PLACES. Number

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