The annual yield on $1-$year Treasuries is $4\mathrm{.}15\%$ and the annual yield on $5-$year Treasuries is $3\mathrm{.}96\%.$ If expected one$-$year Treasury yields are $4\mathrm{.}25\%$ in one year, $4\mathrm{.}1\%$ in two years, $3\mathrm{.}7\%$ in three years, and $...$

a$)$ All of the above are true

b$)3\mathrm{.}7\%$ in four years, then there is a negative implied liquidity premium, in violation of the liquidity premium theory.

c$)3\mathrm{.}3\%$ in four years, then the implied liquidity premium is just $6$ basis points, which seems rather low.

d$)3\mathrm{.}6\%$ in four years, then there is no implied liquidity premium, suggesting the expectations theory appears a better fit of the data than the liquidity premium theory.

e$)$ None of the above is true