Suppose we observe the three-year Treasury security rate (₁R₃) to be 12 percent, the expected one-year rate next yearE(₂r₁)to be 8 percent, and the expected one-year rate the following yearE(₃r₁)to be 10 percent. If the unbiased expectations theory of the term structure of interest rates holds, what is the one-year Treasury security rate?