A financial analyst at a securities firm is analyzing a yield curve model focused on short-term interest rates, which is critical for valuing debt instruments. This model accounts for the long-term variability of the short rate and incorporates a time-varying drift component. To effectively understand the behavior of these short-term rates, the analyst has constructed a one-year interest rate tree, with evaluations occurring every three months. The parameters utilized in this model are as follows:

• Current short rate: 2.75%
• Annual basis point volatility: 168 bps
• Drift in the first quarter: 48 bps
• Drift in the second quarter: 60 bps
• Drift in the third quarter: -36 bps
• Drift in the fourth quarter: 28 bps

Given that interest rates exhibit an upward trend during the first three quarters and a downward trend in the last quarter, what will the interest rate be at the end of the one-year period?