![](https://cos-cdn.shuashuati.com/pipixue-web/2020-1231-2005-12/ti_inject-812ce.png)
Assume that the real risk-free rate is 1%, expected inflation rate is 2%, default risk premium is 2.5% and liquidity risk premium is 1.5% and maturity risk premium is 2%. What is the required rate of return for a security that has default risk and liquidity risk, but no maturity risk?