You are given the following data: r* = real risk-free rate Constant inflation premium (IP) Maturity risk premium (MRP) Default risk premium for AAA bonds (DRP) Liquidity premium for long-term Treasury bonds (T-bonds) (LP) 4% 7% 1% 3% 2% Assume that a highly liquid market does not exist for long-term T- bonds, and the expected rate of inflation is a constant. Given these conditions, the rate on long-term Treasury bonds is