Suppose we observe the three-year Treasury security rate (1R3) to be 4.5 percent, the expected one-year rate next yearE(2r1)to be 4.6 percent, and the expected one-year rate the following yearE(3r1)to be 4.7 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 answer to 2 decimal places. (e.g., 32.16))