An investor, observes these prices and yields- to- maturity on zero-coupon government bonds: Maturity Price Yield-to-Maturity 1 year 97.50 2.548% 2 years 94.25 2.983% 3 years 91.75 2.891% The prices are per 100 of par value. The yields- to- maturity are stated on a semiannual bond basis.  Compute the "1y1y" and "2y1y" implied forward rates, stated on a semiannual bond basis. 

The investor has a three- year investment horizon and is choosing between (1) buying the two- year zero and reinvesting in another one- year zero in two years.

Buying and holding to maturity the three- year zero. The investor decides to buy the two- year bond. Based on this decision.

What is the minimum yield- to- maturity the investor expects on one- year zeros two years?