Below is a table of term structure of swap rates:

| Maturity in Years | Swap Rate |

|-------------------|-----------|

| 1 | 2.50% |

| 2 | 3.00% |

| 3 | 3.50% |

| 4 | 4.00% |

| 5 | 4.50% |

The 2-year forward swap rate starting in three years is closest to: