The following yield data relates to a number of high-quality corporate bonds recorded at each of the three points in time:

	Yield to Maturity
Maturity (years)	5 years ago	2 years ago	Today
1	9.10%	14.60%	9.30%
3	9.20%	12.80%	9.80%
5	9.38%	12.20%	10.90%
10	9.6%	10.90%	12.60%

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.

Answer% (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)