You are estimating the correct rate for a small company's bond with a maturity of 20 years. You estimate the real risk-free rate is 0.9%, the maturity risk premium on a 20 year bond is 1.6%, and the expected average inflation over the 20 years is 0.8%. You estimate the company's default risk premium is 2.2% and due to the expected infrequent trading the liquidity risk premium for the bond is 0.9%. What is the expected rate on the bond? Express in DECIMALS, not %, so 5.22% should be .0522..