The YTM of 1-year and 2-year treasury bonds are 4.5% and 5.5%, respectively. The 1-year bond is zero coupon and the 2-year bond trades at par. If the annual volatility is 10%, calculate the {r_{1L}}r 1L (i.e., the smallest branch of the binomial tree at T=1). Report the result in the percentage format (e.g., if the answer is 0.0321, report it as 3.21) Assume "annual" coupon payments.