The Following Information Relates to Questions All Rates Are Annual Rates Stated for a Periodicity of }

The following information relates to Questions
$\begin{array} { l c } \text { Time Period } & \text { Forward Rate } \\\hline \text { "0y1y" } & 0.80 \% \\\text { "1y1y" } & 1.12 \% \\\text { "2y1y" } & 3.94 \% \\\text { "3yly" } & 3.28 \% \\\text { "4yly" } & 3.14 \% \\\hline\end{array}$
All rates are annual rates stated for a periodicity of one (effective annual rates) .
-The 3-year implied spot rate is closest to:

A) 1.18%.
B) 1.94%.
C) 2.28%.