Suppose that the interest rate on a one$-$year Treasury bill is currently $3\%$ and that investors expect that the interest rates on one$-$year Treasury bills over

the next three years will be $4\%,5\%,$ and $3\%.$ Use the expectations theory to calculate the current interest rates on two$-$year, three$-$year, and four$-$year

Treasury notes.

The current interest rate on two$-$year Treasury notes is $\%.($Round your response to two decimal places.$)$