You read in The Wall Street Journal that 30-day T-bills are currently yielding 5.4%. 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%
Liquidity premium = 1%
Maturity risk premium = 2%
Default risk premium = 2.45%
On the basis of these data, what is the real risk-free rate of return? Round your answer to two decimal places.