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The current one-year Treasury-Bill rate is 2.25% and the expected one year rate 12 months from now is 3.50%. According to the unbiased expectation theory,

The current one-year Treasury-Bill rate is 2.25% and the expected one year rate 12 months from now is 3.50%. According to the unbiased expectation theory, what should be the current rate for a two year security?

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