The current YTM of 10-year US, German, and Turkish government bonds are 3.5%, 0.5%, and 6.5%, respectively. The Turkish government bond has a credit rating of BBB. The average BBB rated bonds a default spread of 1.9%. What should be the risk free rate to value a company whose cash flows are mainly in Turkish Liras? 1.6% 3.5% 4.6% 6.5%