Please answer both questions, thank you.

You are considering an investment in 25-year bonds issued by P&A Corporation. The bonds have no special covenants. It is reported that 1-year T-bills are currently earning 5.5 percent. Your broker has determined the following information about economic activity and P&A Corporation bonds: Real risk-free rate = 2.95 percent Default risk premium = 1.15 percent Liquidity risk premium = .45 percent Maturity risk premium = 1.35 percent What is the inflation premium? You are considering an investment in 25-year bonds issued by P&A Corporation. The bonds have no special covenants. It is reported that 1-year T-bills are currently earning 5.5 percent. Your broker has determined the following information about economic activity and P&A Corporation bonds: Real risk-free rate = 2.95 percent Default risk premium = 1.15 percent Liquidity risk premium = .45 percent Maturity risk premium = 1.35 percent What is the fair interest rate on P&A Corporation 25-year bonds