5-year corporate bonds yield 7.5% and 5-year T-bonds yield 3.8%. The real risk-free rate is r* = 2.5%, the inflation premium for 5-year bonds is IP = 1.50%, the liquidity premium for 5-year corporate bonds is LP = 0.16% versus zero for T-bonds, and the maturity risk premium for all bonds is found with the formula MRP = (t 1) 0.1%, where t = number of years to maturity. What is the default risk premium (DRP) on 5-year corporate bonds? (Express your answer as a percent and round your answer to two decimal places.)