Suppose we observe the 3-year Treasury security rate (R3) to be 7 percent, the expected 1-year rate next year-E(271)--to be 4 percent, and the expected 1-year rate the following year-Eiri)-to be 6 percent. If the unbiased expectations theory of the term structure of interest rates holds, what is the 1-year Treasury security rate, 1 R? (Round your answer to 2 decimal places.) Treasury security rate Suppose we observe the 3-year Treasury security rate (R) to be 7 percent. the expected 1-year rate next year-E1271)-to be 4 percent, and the expected 1-year rate the following year- ri)--to be 6 percent. If the unbiased expectations theory of the term structure of interest rates holds, what is the 1-year Treasury security rate, 1R? (Round your answer to 2 decimal places.) Treasury security rate