So power lost in the resistor would be I²R or 2.8²x0.1=0.78 Watt.
Or, in other words, the system is (2.8*3.25)/(0.78+(2.8*3.25)) = 92.1% efficient. Assuming a Vf = 3.25 and If = 2.8 A.
Not bad at all IMHO :) Now I know what I'll be doing as a future project.
Thing is, until now I was...