Based on economists$$ forecasts and analysis, $1-$year Treasury bill rates and liquidity premiums for the next four years are expected to be as follows:

R$1=1\mathrm{.}05\%$

E$($r$12)=2\mathrm{.}20\%$ L$2=0\mathrm{.}06\%$

E$($r$13)=2\mathrm{.}30\%$ L$3=0\mathrm{.}08\%$

E$($r$14)=2\mathrm{.}60\%$ L$4=0\mathrm{.}10\%$