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Suppose we observe the three-year Treasury security rate (13) to be 11 percent, the expected one year rate next year El2r) to be 4 percent,

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Suppose we observe the three-year Treasury security rate (13) to be 11 percent, the expected one year rate next year El2r) to be 4 percent, and the expected one-year rate the following year E3ra) to be 5 percent. If the unbiased expectations theory of the term structure of interest rates holds, what is the one year Treasury security rate, 1R1

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