You are given the following data: = real risk-free rate 4% Constant inflation premium (IP) 7% Maturity risk premium (MRP) 1% Default risk premium for AAA bonds (DRP) 3% 2% Liquidity premium for long-term Treasury bonds (T-bonds) (LP) 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 11 percent 23 percent 14 percent 19 percent