A two$-$year Treasury bill offers a $7\mathrm{.}3\%$ yield to maturity. The market's concensus forecast is that one$-$year T$-$bills will offer $8\mathrm{.}3\%$ 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.