One-year Treasury bills currently earn 2.60 percent. You expect that one year from now, 1-year Treasury bill rates will increase to 3.10 percent and that two years from now, 1-year Treasury bill rates will increase to 3.50 percent. If the unbiased expectations theory is correct, what should the current rate be on 3-year Treasury securities? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Current rate________ %