Based on economists$$ forecasts and analysis, $1-$year Treasury bill rates and liquidity premiums for the next four years are expected to be as follows:

R$1=$

$2\mathrm{.}15\%$

E$($r$12)=$

$3\mathrm{.}05\%$ L$2=$

$0\mathrm{.}05\%$

E$($r$13)=$

$3\mathrm{.}45\%$ L$3=$

$0\mathrm{.}07\%$

E$($r$14)=$

$3\mathrm{.}90\%$ L$4=$

$0\mathrm{.}12\%$