Problem $2-15($LG $2-7)$

Suppose we observe the following rates: ${?}_1{R}_1=15\mathrm{.}0\%,{?}_1{R}_2=19\mathrm{.}0\%,$ and $E{(}_2{r}_1)=23\mathrm{.}0\%.$ If the

liquidity premium theory of the term structure of interest rates holds, what is the liquidity premium for year

$2?$

Note: Round your intermediate calculations to $5$ decimal places and final percentage answer to $2$

decimal places $($e$.$g$.,32\mathrm{.}16).$

Liquidity premium for year $2$

$\%$