A company's 8-year bonds are yielding 7% per year. Treasury bonds with the same maturity are yielding 5.31% 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 0.59%, 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