You read in The Wall Street Journal that 30-day T-bills are currently yielding 4.9%. Your brother-in-law, a broker at Safe and Sound Securities, has given you the following estimates of current interest rate premiums:

Inflation premium = 3.25%

Liquidity premium = 1.0%

Maturity risk premium = 1.40%

Default risk premium = 2.60%

On the basis of these data, what is the real risk-free rate of return? Round your answer to two decimal places.