A bond has an expected return of 15.33%, sensitivity to the term factor of 1.95 and to the default factor of 0.65. The current term risk premium is 3.01%. The risk-free rate of return is 3%. What is the default risk premium if no arbitrage opportunities exist?

Express your answer in percent and round your answer to 2 decimal places. For example, if your answer is 0.09457, please write down 9.46 (without the percent sign).

(Can you also provide a step by step for the math so I may know the proper steps for the future?)