The Wall Street Journal reports that the rate on four-year Treasury securities is 1.2 percent and the rate on five-year Treasury securities is 2.3 percent. According to the unbiased expectations hypotheses, what does the market expect the one-year Treasury rate to be four years from today, E(5r1)? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))