Treasury Bills, 90 days 4.20% Commercial Paper, 90 days 4.84% Treasury Bill, 1 year 4.67% Treasury Note, 2 year 5.25% Corporate Bond AA, 20 year 8.23% Municipal Bond AA, 20 year 6.42% Expected Annual Inflation Rate 3.00%

Question: With reference to the data above, what is the expected after-tax real rate of return on the one-year Treasury Bill for an investor in the 33 percent marginal tax bracket?