Suppose we observe the three-year Treasury security rate (13) to be 4.9 percent, the expected one-year rate next year- (2r2) to be 2 5.4 percent, and the expected one-year rate the following year-r (r2)-to be 6.4 percent. If the unbiased expectations theory of the term structure of interest rates holds, what is the one-year Treasury security rate? (Do not round intermediate calculations. Round your percentage onswer to 2 decimal places. (e.g., 3216))