Unbiased Expectations Theory Suppose that the current one$-$year rate $($one$-$year spot rate$)$ and expected one$-$year T$-$bill rates over the following three years $($i$.$e$.,$ years $2,3,$ and $4,$ respectively$)$ are as follows:

$1$R$1=6\mathrm{.}45\%,$ E$(2$r$1)=6\mathrm{.}95\%,$ E$(3$r$1)=7\mathrm{.}95\%$ E$(4$r$1)=8\mathrm{.}45\%$

Using the unbiased expectations theory, what is the current $($long$-$term$)$ rate for four$-$year$-$maturity Treasury securities$?$

Multiple Choice

$8\mathrm{.}4500\%$

$7\mathrm{.}4500\%$

$7\mathrm{.}4470\%$

$2\mathrm{.}0490\%$