You are considering an investment in $20-$year bonds issued by Moore Corporation. The bonds have no special covenants. The Wall Street Journal reports that $1-$year T$-$bills are currently earning $0\mathrm{.}50$ percent. Your broker has determined the following information about economic activity and Moore Corporation bonds:

Real risk$-$free rate $,=0\mathrm{.}45\%$

Default risk premium $,=1\mathrm{.}05\%$

Liquidity risk premium $,=0\mathrm{.}80\%$

Maturity risk premium $,=0\mathrm{.}75\%$

a$.$ What is the inflation premium?

b$.$ What is the fair interest rate on Moore Corporation $20-$year bonds?

$($For all requirements, round your percentage answers to $2$ decimal places. $($e$.$g$.,32\mathrm{.}16))$

$\backslash$table$[[,,,],[$a$.,$Inflation premium,$\%,],[$b$.,$Fair interest rate,$\%,]]$