Assume the current interest rate on a one-year Treasury bond (1R1) is 2.32 percent, the current rate on a two-year Treasury bond ( R) is 2.48 percent, and the current rate on a three-year Treasury bond (R3) is 2.59 percent. If the unbiased expectations theory of the term structure of interest rates is correct, what is the one-year interest rate expected on T-bills during year 3 (E(31) or 3f1)? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Answer is complete but not entirely correct. Interest rate expected during year 3 3.13