YOP, Inc has a 3-year outstanding bond with 13% yield. Investors expect to earn an average of 3% in real rate of return. Inflatiom is expected to be 1.5%, 2.0% and 4% for the next 3 years. Its lack of popularity in the financial market requires it to pay 2.5% for its lack of liquidy, and its relatively short amount of time before maturity only requires a 1.5% maturity risk premium. What is the expected real risk-free interest rate over the next 9 years?