One-year Treasury bills currently earn 2.65 percent. You expect that one year from now, 1-year Treasury bill rates will increase to 3.15 percent and that two years from now, 1-year Treasury bill rates will increase to 3.55 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 %

One-year Treasury bills currently earn 2.65 percent You expect that one year from now, 1-year Treasury bill rates will increase to 315 percent and that two years from now, 1-year Treasury bill rates will increase to 3.55 percent if the unblased 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.)