Bulldogs Inc. 4-year long-term bonds currently yield 11%.  The real risk-free rate is 3%.  The maturity risk premium is estimated to be 1%(t - 1), where t = the time to maturity.  The default risk and liquidity premiums for Bulldogs Inc.‘s bonds total 1.50% and are same for all bonds issued by the company.  If the average inflation rate is expected to be 5% for years 5, and 6, what is

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