6. Problem 6.11 (Default Risk Premium) A company's 5-year bonds are yielding 9.55% per year, Treasury bonds with the same maturity are yielding 6.25% per year, and the real risk-free rate () is 2.20%. The average inflation premium is 3.65%, and the maturity risk premium is estimated to be 0.1 X(t-1)%, where t = number of years to maturity. If the liquidity premium is 0.8%, what is the default risk premium on the corporate bonds? Round your answer to two decimal places