Suppose the current term structure of interest rates, assuming annual compounding, is as follows:

s1	s2	s3	s4	s5	s6
7.0%	7.3%	7.7%	8.1%	8.4%	8.8%

What is the discount rate d(0,4)? (Recall that interest rates are always quoted on an annual basis unless

stated otherwise.)

Please submit your answer rounded to three decimal places. So for example, if your answer is 0.4567 then you should submit an answer of 0.457.