consider the bond market to be in equilibrium according to our complete theory of the term structure of interest rates. The current interest rate on 1 year bonds is 3%, and you believe, as does everyone in the market, that in one year the interest rate on 1-year bonds will be 3.5%. Assume that there is no term premium on a 1-year bond. Suppose the term premium equals 0.75% the number of years to maturity, for the 2-year bond. the interest rate today on the 2 year bond is?