Suppose that you could buy a one-year bond today, which has an interest rate of \(3 \%\). If you wait a year and buy a one-year bond then, the interest rate will be \(4 \%\). Two years from now, a one-year bond is expected to offer an interest rate of \(5 \%\). According to the expectations theory of the term structure of interest rates, what is the interest rate on a two-year bond today? What is the interest rate on a three-year bond today?