Consider the following spot interest rates for maturities of one, two, three, and four years.

r₁ = 4.4% r₂ = 4.9% r₃ = 5.6% r₄ = 6.4%

Assuming a constant real interest rate of 2 percent, what are the approximate expected inflation rates for the next four years? (Do

l1 ___ %

l2 ___

l3 ___

l4____