Suppose the real risk-free rate is 3.20% and the future rate of inflation is expected to be constant at 2.10%. What rate of return would you expect on a 1-year Treasury security, assuming the pure expectations theory is valid? Include cross-product terms, i.e., if averaging is required, use the geometric average. (Round your final answer to 2 decimal places.)

a. 2.17%

b. 5.37%

c. 5.30%

d. 3.27%

e. 3.20%