You observe that the current interest rate on short-term U.S. Treasury bills is 1.92 percent. You also read in the newspaper that the GDP deflator, which is a common macroeconomic indicator used by market analysts to gauge the inflation rate, currently implies that inflation is 1.25 percent. What is the approximate real rate of interest on short-term Treasury bills? (Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)

Approximate real rate %