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 3.55 percent. Your broker has determined the following information about economic activity and Moore Corporation bonds:

Real interest rate = 2.75 percent

Default risk premium = 1.05 percent

Liquidity risk premium = 0.50 percent

Maturity risk premium = 1.85 percent

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