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The following yield data relates to a number of high-quality corporate bonds recorded at each of the three points in time:   Yield to Maturity Maturity (years) 5 years ago 2 years ago Today 1 9

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The following yield data relates to a number of high-quality corporate bonds recorded at each of the three points in time:

Required: Consider the data from 5 years ago. According to the expectations hypothesis, what approximate return did investors expect a 5-year bond to pay as of today? Hint: think of expectations as a percentage difference in returns between the present and the future.