A two$-$year Treasury bill offers a $5\mathrm{.}7\%$ yield to maturity. The market's concensus forecast is that one$-$

year T$-$bills will offer $6\mathrm{.}3\%$ 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.

Enter your response below. Enter your answer to $2$ DECIMAL PLACES.