Below is the actual path of short term interest rates (measured by the 3 mo Tbill). Assuming such rates were expected in January 1992, what should the rate on a ten year Treasury have been? (your answer should be in percent to the nearest basis point. For example, if your answer is 9.52% enter 9.52 without the percent sign. Do not enter .0952).

1992 3.43 1993 3.00 1994 4.25 1995 5.49 1996 5.01 1997 5.06 1998 4.78 1999 4.64 2000 5.82