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One-year Treasury securities yield 2.2%. The market anticipates that 1-year from now, 1-year Treasury securities will yield 3.9%; 2-years from now, 2-year securities yield 3.7%.

One-year Treasury securities yield 2.2%. The market anticipates that 1-year from now, 1-year Treasury securities will yield 3.9%; 2-years from now, 2-year securities yield 3.7%. If the pure expectations theory is correct, what is the yield for 4-year Treasury securities based on geometric average? ( (Note, if your answer is 12.34%, just enter your answer as 12.34)

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