Suppose you are given the following information about four different, default-free bonds, each with a face value of $1,000. The coupon bonds have annual payments.
The yield to maturity of bond A with a maturity of 1 year and a coupon rate of 0% is 2%.
The yield to maturity of bond B with a maturity of 2 year and a coupon rate of 10% is 3.908%.
The yield to maturity of bond C with a maturity of 3 year and a coupon rate of 6% is 5.840%.
The yield to maturity of bond D with a maturity of 4 year and a coupon rate of 12% is 5.783%.
Given this information, what is the four-year spot rate?
Note: Answer in percentages with two decimals and do not use the percentage sign in the answer box. For example, if you find the answer to be 0.1052, submit 10.52 as the answer.