Assume the current interest rate on a 1-year Treasury bond (R1) is 5.00 percent, the current rate on a 2-year Treasury bond (R2) is 5.75 percent, and the current rate on a 3-year Treasury bond (R3) is 700 percent. If the unbiased expectations theory of the term structure of interest rates is correct, what is the 1-year forward rate expected on Treasury bills during year 3, 3f1? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Expected forward rate