The yield-to-maturity on default-free bonds with a maturity of two years is 0.75% (i.e., three-quarters of one percent). The yield-to-maturity on default-free bonds with a maturity of three years is 1%. According to the liquidity preference hypothesis, the expected one-year spot rate in two years is O more than 1.5% O less than 2% but more than 1.5% o less than 1.5% o less than 1% more than 1%