A company's $5-$year bonds are yielding $7\%$ per year. Treasury bonds with the same maturity are yielding $5\mathrm{.}1\%$ per year, and the real risk$-$free rate $($r$*)$ is $2\mathrm{.}95\%.$ The average inflation premium is $1\mathrm{.}75\%,$ and the maturity risk premium is estimated to be $0\mathrm{.}1\backslash$times $($t $-1)\%,$ where t $=$ number of years to maturity. If the liquidity premium is $0\mathrm{.}5\%,$ what is the default risk premium on the corporate bonds? Round your answer to two decimal places.