This question asks you to calculate the high and low interest rates in a binomial tree. You will only be asked to give the low interest rate here. The current short rate is 2.2%. Assume its process is described by the Fabozzi, Kalotay and Williams model and that the volatility is .26 and the drift is .03. What is the low rate? Answer in percent to the nearest basis point. If your answer is 10.53% then enter 10.53 not .1053 or 1053.