The real risk-free rate is 2.65%. Inflation is expected to be 3.65% this year, 4.65% next year, and 2.4% 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.