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The Wall Street Journal reports that the rate on 8-year Treasury securities is 1.20 percent and the rate on 9-year Treasury securities is 1.75 percent.

The Wall Street Journal reports that the rate on 8-year Treasury securities is 1.20 percent and the rate on 9-year Treasury securities is 1.75 percent. According to the unbiased expectations theories, what does the market expect the 1-year Treasury rate to be eight years from today, E(9r1)? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Treasury rate %

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