Liquidity premium hypothesis Based on economists' forecast and analysis, one-year Treasury bill rates and liquidity premiums for the next four years are expected to be as follows:

R1=6.15%

E(r2)=7.25% L2=.95%

E(r3)=7.45% L3=.98%

E(r4)=7.65 % L4=1.00%

Using the liquidity premium hypothesis, what is the current rate on a four-year Treasury security?