The real risk-free rate is 1.75%. Inflation is expected to be 2.75% this year, 5.05% next year, and 2.7% thereafter. The maturity risk premium is estimated to be 0.05 (t - 1)%, where t = number of years to maturity. What is the yield on a 7-year Treasury note? Do not round intermediate calculations. Round your answer to two decimal places.

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