3) The inflation rate from t = 0 to t = 1 is 3%. The inflation rate from t = 1 to t = 2 is X. The risk free rate is constant at 5%. At t = 0, 1 hamburger costs $1. If you had $100 at t = 0, and invested this money in the bank for 2 years, you could take your money out of the bank at t = 2 and with that money you could buy 103 hamburgers. What does this imply about X