Suppose we observe the three-year Treasury security rate (1R3) to be 12 percent, the expected one-year rate next year— E(2r1) —to be 8 percent, and the expected one-year rate the following year— E(3r1) —to be 10 percent. If the unbiased expectations theory of the term structure of interest rates holds, what is the one-year Treasury security rate? Note: Do not round intermediate calculations. Round your percentage answer to 2 decimal places (e.g., 32.16).