As 100 yards is something like 91,5 meters, 3:00 would quite precisely correspond to 100 yards, while 3:15 is for 100 meters...
3:30 is something around 110 meters per 1 knot. I don't which metric would that be...
Edit - Anyway 3:15 works for me, managing those extra-precise shots at desired ship compartment.
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