Kern Corporation's 5-year bonds yield 7.30% and 5-year T-bonds yield 4.10%. The real risk-free rate is $r^\circ = 2.5\%$, the default risk premium for Kern's bonds is DRP = 1.90% versus zero for T-bonds, the liquidity premium on Kern's bonds is LP = 1.3%, and the maturity risk premium for all bonds is found with the formula MRP = (t-1) \times 0.1\%, where t = number of years to maturity. What is the inflation premium (IP) on all 5-year bonds?