Suppose the term structure of interest rates has these spot interest rates:

$r_1=6\mathrm{.}3\%,r_2=6\mathrm{.}1\%,r_3=5\mathrm{.}9\%,r_4=5\mathrm{.}7\%,$ and $r_5=7\mathrm{.}3\%.$

a$.$ What will be the $1-$year spot interest rate in three years if the expectations theory of term structure is correct?

b$.$ If investing in long$-$term bonds carries additional risks, then how would the risk equivalent of a $1-$year spot rate in three years

relate to your answer to part $($a$)?$

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What will be the $1-$year spot interest rate in three years if the expectations theory of term structure is correct?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $1$ decimal place.