You read in The Wall Street Journal that 30-day T-bills are currently yielding 5%. Your brother-in-law, a broker at Safe and Sound Securities, has given you the following estimates of current interest rate premiums: Inflation premium = 2.75% Liquidity premium = 1.1% Maturity risk premium = 1.55% Default risk premium = 2.15% On the basis of these data, what is the real risk-free rate of return? Round your answer to two decimal places. ________%