Suppose we observe the three-year Treasury security rate (R3) to be 57 percent, the expected one-year rate next year-E(21)--to be 6.3 percent, and the expected one-year rate the following year-E(311)--to be 6.7 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 answer to 2 decimal places, (e.g. 32.16)) One-year Treasury security rate 96