You observe that the current interest rate on short$-$term U$.$S$.$ Treasury bills is $4\mathrm{.}44$ percent. You also read in the newspaper that the GDP deflator, which is a common macroeconomic indicator used by market analysts to gauge the inflation rate, currently implies that inflation is $1\mathrm{.}35$ percent. What is the approximate real rate of interest on short$-$term Treasury bills?

Note: Enter your answer as a percent rounded to $2$ decimal places.

Approximate real rate

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