You are considering an investment in $30-$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 $1\mathrm{.}95$ percent. Your broker has determined the following information about economic activity and Moore Corporation bonds:

Real risk$-$free rate $=0\mathrm{.}90\%$

Default risk premium $=1\mathrm{.}85\%$

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

Maturity risk premium $=2\mathrm{.}45\%$

What is the inflation premium? $($Round your answer to $2$ decimal places.$)$

What is the fair interest rate on Moore Corporation $30-$year bonds?