Suppose that the current one-year rate (one-year spot rate) and expected one-year T-bill rates over the following three years (i.e., years 2, 3, and 4, respectively) are as follows: 1R10.5%, E(2r 1) - 1.5%, E(31) = 8.6%, E(41) = 8.95% Using the unbiased expectations theory, calculate the current (long-term) rate 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 1.23%, enter 1.23).

folkews. 1.23)