Suppose that an investor observes these prices and yields-to-maturity on zero-coupon government bonds:

Maturity	Price	Yield-to-Maturity
1 years	97.50	2.235%
2 years	94.25	2.674%
3 years	91.75	2.782%

The prices are per 100 of par value. The yields-to-maturity are stated on a semi-annual bond basis. An investor decide to buy the two-year zero and reinvest in another one-year zero in two years. Based on this decision, which of the following is the minimum yield-to-maturity the investor expects on one-year zeros two years from now?

2.707%

1.488%

3.880%

2.458%

2.998%