Suppose that the current three$-$year rate $($three$-$year spot rate$)$ and expected one$-$year T$-$

bill rates over the following years are as follows:

${?}_1{R}_3=12\%,E{(}_2{r}_1)=8\%,E{(}_3{r}_1)=10\%$

What should be the current spot rate for one$-$year treasury bill?

$9\mathrm{.}00\%$

$5\mathrm{.}59\%$

$18\mathrm{.}26\%$

$18\mathrm{.}80\%$

$9\mathrm{.}99\%$