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The following information was available as of the close of business June 1, 2004 on government of Canada bonds.

Coupon...Maturity.....Price.....Yield
5.00%......June 1, 2005......102.35......2.60
10.50%......June 1, 2006......113.91......3.26
8.50%......June 1, 2007.....107.41......3.39

Calculate the anticipated one-year interest rate for 2006 (up to June 2007). (Round your answer to 2 decimal places.)

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    2006 - 2.93

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