Question $19$

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:

Calculate the yield to maturity for four$-$year$-$maturity Treasury

securities$.$

Do not round intermediate calculations. Round your percentage

answers to $2$ decimal places. Do NOT enter the percentage $(\%)$ sign

$($e$.$g$.,$ if your result is $1\mathrm{.}23\%,$ enter $1\mathrm{.}23).$