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

R1=7.15%

E(r2)=8.25% L2=.60%

E(r3)=8.35% L3=.70%

E(r4)=8.65% L4=.75%

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