A company's 5-year bonds are yielding 9.95% per year. Treasury bonds with the same maturity are yielding 6.75% per year, and the real risk-free rate (r*) is 2.9%. The average inflation premium is 3.45%, and the maturity risk premium is estimated to be 0.1 x (t - 1)%, where t = number of years to maturity. If the liquidity premium is 1.05%, what is the default risk premium on the corporate bonds?