A company's 5-year bonds are yielding 7% per year. Treasury bonds with the same maturity are yielding 4% per year, and the real risk-free rate (r) is 2.35%. The average inflation premium is 1.25%, and the maturity risk premium is estimated to be 0.1 x(t1)%, where t= number of years to maturity. If the liquidity premium is 1%, what is the default risk premium on the corporate bonds? Round your answer to two decimal places. %