One-year Treasury bills currently earn 3.15 percent. You expected that one year from now, 1-year Treasury bill rates will increase to 3.65 percent and that two years from now, one-year Treasury bill rates will increase to 4.05 percent. If the unbiased expectations theory is correct, what should the current rate be on three-year Treasury securities?

3.40 percent

3.62 percent

3.75 percent

3.85 percent