Suppose we observe the following rates: ₁R₁ = 4.6%, ₁R₂ = 6.8%. If the unbiased expectations theory of the term structure of interest rates holds, what is the one-year interest rate expected one year from now, E(₂r₁)? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Expected one-year interest rate

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