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One-year T-bills yield 2.75%. Based on futures rates, the market expects that one year from now, new one year t-bill will yield 4.50%. Based on

One-year T-bills yield 2.75%. Based on futures rates, the market expects that one year from now, new one year t-bill will yield 4.50%.

Based on the Pure Expectations Theory, what is the yield of a 2-year Treasury Note?

Answer as a percent with at least 2 decimal places. for example, 10 percent should be entered as 10.00

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