Suppose that the current one-year T-bill rate (one-year spot rate) and expected oneyear T-bill rates over the following three years (i.e., years 2, 3, and 4, respectively) are as follows:

1R1 = 12.0%, E(2R1) = 2.5%, E(3R1) = 2.0%, E(4R1) = 14.0%,

Using the unbiased expectations theory, what is the current (long-term) rate for four-year-maturity Treasury securities (1R4)? %

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