The real risk-free rate is 2.3%. Inflation is expected to be 2% this year, 3.7% next year, and 3.1% thereafter. The maturity risk premium is estimated to be 0.05 (t - 1)%, wheret= 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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