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 one year T bills are currently earning 1.90%. Your broker has determined the following information about economic activity and Moore corporation bonds: Real risk free rate equals 0.85%, default risk premium equals 1.80%, liquidity risk premium equals 1.05%, maturity risk premium equals 2.40%. What is the inflation premium? What is the fair interest rate on Moore corporation 30 year bonds?