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 14.63% 12.82% 12.19% Today 9.33% 9.22% 9.79% 9.35% 10.92% 12.56% 9.48% 10.87% 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