You read in The Wall Street Journal that 30-day T-bills are currently yielding 5.6%. 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 = 0.6%
• Maturity risk premium = 1.85%
• 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.