Problem $6-9$ Liquidity Premium Theory $($LG$6-7)$

One$-$year Treasury bills currently earn $4\mathrm{.}20$ percent. You expect that one year from now, $1-$year Treasury bill rates will increase to $4\mathrm{.}40$ percent. The liquidity premium on $2-$year securities is $0\mathrm{.}10$ percent. If the liquidity premium theory is correct, what should the current rate be on $2-$year Treasury securities$?($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

Current rate