The following yield data relates to a number of high-quality corporate bonds recorded at each of the three points in time: Maturity (years) 5 years ago 9.09% Yield to Maturity 2 years ago 14.66% Today 9.32% 9.22% 9.85% 12.77% 12.21% 9.31% 10.89% 12.65% 9.48% 10.85% Required: Consider the data from 5 years ago. According to the expectations hypothesis, what approximate return did investors expect a 5-year bond to pay as of today? Hint: think of expectations as a percentage difference in returns between the present and the future