Suppose we observe the 3-year Treasury security rate (R3) to be 8 percent, the expected 1-year rate next year-E21)--to be 4 percent, and the expected one-year rate the following year-Era)-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, R? (Round your answer to 2 decimal places.) Treasury security rate