Consider the following $$1,000$ par value zero$-$coupon bonds:

Bond Years until

Maturity Yield to Maturity

A $16\mathrm{.}50\%$

B $27\mathrm{.}50$

C $38\mathrm{.}00$

D $48\mathrm{.}50$

According to the expectations hypothesis, what is the market$$s expectation of the one$-$year interest rate three years from now?