The Wall Street Journal reports that the current rate on 10-year Treasury bonds is 3.15 percent and the rate on 20-year Treasury bonds is 5.40 percent. Assume that the maturity risk premium is zero. Calculate the expected rate on a 10-year Treasury bond purchased ten years from today, E(₁₀r₁₀). (Do not round intermediate calculations. Round your answer to 2 decimal places.)

EXPECTED RATE = %