A company's 7-year bonds are yielding 7.57% per year. Treasury bonds with the same maturity are yielding 4.09% per year, and the real risk-free rate (r*) is 2.05%. The average inflation premium and the maturity risk premium are the same for all maturities irrespective of the issuer. If the liquidity premium is 0.64%, what is the default risk premium on the corporate bonds? State your answer as a percentage to two decimal places. Do not include the % symbol.