An analyst evaluating securities has obtained this information: The real rate of interest is 3%, and it is expected to remain constant for the next 3 years. Inflation is expected to be 2% next year, 2.5% the year after, and 3% in the third year. The maturity risk premium is estimated to be 0.1 x (t 1)%, where t represents the number of years to maturity on relevant 3-year securities. The liquidity premium on relevant 3-year securities is 0.25%, and the default risk premium on relevant 3-year securities is 0.6%.

What is the yield for the above example if the security is a 3-year corporate bond?