Suppose we observe the $3-$year Treasury security rate $($R$31)$

to be $6$ percent, the expected $1-$year rate next year$$ E$($r$12)$

$$to be $4$ percent, and the expected $1-$year rate the following year$$ E$($r$13)$

$$to be $4$ percent. If the unbiased expectations theory of the term structure of interest rates holds, what is the $1-$year Treasury security rate, R$11$

$?$

Note: Round your percentage answer to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34).$