The current one$-$year Treasury bill rate is $0\mathrm{.}40$ percent and the expected one$-$year rate

$12$ months from now is $7\mathrm{.}70$ percent. According to the unbiased expectations theory,

what should be the current rate for a two$-$year Treasury security? $($Do not round

intermediate calculations. Round your percentage answer to $2$ decimal places.