A company's 5-year bonds are yieleing 10% per year. Treasury bonds with the same maturity are yelding 4.7% per yeac, and the real risk-free rate (r*) is 2.75. infation premium is 1.55%, and the maturity rak premium is estimated to be 0.1(t1)2, where t=n number of years to maturity. If the liquidity premhum is 0.74, what is the defauit risk premium on the corporate bonds? Round your answer to two decimal ploces