Suppose we observe the three-year Treasury security rate (R3) to be 4.8 percent, the expected one-year rate next year--11271)-to be 5.2 percent, and the expected one-year rate the following year-E(371)-to be 5.9 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 answer to 2 decimal places. (e.g., 32.16)) One-year Treasury security rate %