Answer to question

Suppose we observe the three-year Treasury security rate (1R3) to be 4.4 percent, the expected one-year rate next year E(22r1) to be 4.7 percent, and the expected one-year rate the following year- E(3r1) to be 4.9 percent. If the unbiased expectations theory of the term structure of interest rates holds, what is the one-year Treasury security rate? (Do not round intermediate calculations. Round your percentage answer to 2 decimal places. (e.g., 32.16))