The Wall Street Journal reports that the current rate on 7-year Treasury bonds is 6.50 percent, the rate on 14-year Treasury bonds is 6.90 percent, and the rate on a 14-year corporate bond issued by MHM Corporation is 8.65 percent. Assume that the maturity risk premium is zero. If the default risk premium and liquidity risk premium on a 7-year corporate bond issued by MHM Corporation are the same as those on the 14-year corporate bond, calculate the current rate on MHM Corporations 7-year corporate bond. Note: Round your answer to 2 decimal places