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:

₁R₁=4.80%, E(₂r₁) =5.80%, E(₃r₁) =6.30%, E(₄r₁)=6.65%

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

1.6230%

5.8875%

5.8852%

6.6500%