A company's 5-year bonds are yielding 8% per year. Treasury bonds with the same maturity are yielding 5.1% per year, and the real risk-free rate (*) is 2.45%. The average inflation premium is 2.25%, and the maturity risk premium is estimated to be 0.1 X(t - 19%, where t = number of years to maturity. In the liquidity premium is 0.5%, what is the default risk premium on the corporate bonds? Round your answer to two decimal places. %