Assume the current interest rate on a 1-year Treasury bond (1R1) is 5.60 percent, the current rate on a 2-year Treasury bond (1R2) is 6.35 percent, and the current rate on a 3-year Treasury bond (1R3( is 7.60 percent. If the unbiased expectation theory of the term structure of interest rates is correctm what is the 1-year forward rate expected on Treasury bill during year 3 if 3f1? (Do not round intermeidate calculations. Round your answer to 2 decimal places.) Expected forward rate ___%