Historical Economic Data 2017 2018 2019 2020 2021 Average U.S. Inflation 2.0% 2.5% 3.0% 3.0% 3.0% 3.0% Education Inflation 3.5% 4.0% 4.5% 4.5% 4.5% 8.0% Corporate Default Rate 0.5% 0.5% 0.5% 0.5% 0.5% 1.0% Treasury Default Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Investment Data Real risk free rate 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% BBB Rated Bond Default Risk Premium 2.0% Treasury Liquidity Premium 0.0% BBB Rated Liquidity Premium 1.5% Bond A: Treasury, 5 Year, 3% Coupon Bond B: BBB Corporate, 5 Year, 6% Coupon Bond C: BBB Corporate, 3 Year, 3% Coupon Maturity Default Current Yield to Required Target Buy Inflation Risk Liquidity Risk Premium Premium Premium Premium Price Yield Maturity Return Price