A company's 5-year bonds are yielding 8.95% per year. Treasury bonds with the same maturity are yielding 6.1% per year, and the real risk-free rate (r) is 2.00%. The average inflation premium is 3.70%, and the maturity risk premium is estimated to be 0.1 (t-1), where t number of years to maturity. If the liquidity premium is 1.4%, what is the default risk premium on the corporate bands? Round your answer to two decimal places. 3- ed