Problem $2-14($LG $2-7)$

Based on economists' forecasts and analysis, one$-$year Treasury bill rates and liquidity premiums for the next four years are expected

to be as follows:

${?}_1{R}_1=5\mathrm{.}32\%$

$E{(}_2{r}_1)=6\mathrm{.}42\%L_2=0\mathrm{.}05\%$

$E{(}_3{r}_1)=6\mathrm{.}52\%L_3=0\mathrm{.}12\%$

$E{(}_4{r}_1)=6\mathrm{.}82\%L_4=0\mathrm{.}15\%$

Calculate the yield to maturity for four years.

Note: Round your percentage answers to $2$ decimal places $($e$.$g$.,32\mathrm{.}16).$