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You are a financial consultant analyzing the bond market for a client interested in understanding the dynamics of interest rates and planning their investment strategy

You are a financial consultant analyzing the bond market for a client interested in understanding the dynamics of interest rates and planning their investment strategy accordingly. Current market data and forecasts present the following information:
The current yield on a one-year Treasury bond is 3.65%.
The market expects that one year from now, the yield on a one-year Treasury bond will be 4.10%.
Given these market conditions and assuming the pure expectations theory holds true, calculate the yield [%] today for a 2-year Treasury bond. Please answer with 2 decimals.

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