Suppose the real risk-free rate is 3%, the average expected future inflation rate is 2.25%, and a maturity risk premium of 0.10% per year to maturity applies, i.e., MRP = 0.10%(t), where t is the number of years to maturity. What rate of return would you expect on a one-year Treasury security, assuming the pure expectations theory is not valid? Disregard cross-product terms, i.e., if averaging is required, use the arithmetic average.