A corporation's 20-year bonds have an equilibrium rate of return of 11.00 percent. For all securities, the inflation risk premium is 1.66 percent and the real interest rate is 4.41 percent. The security's liquidity risk premium is 1.46 percent and maturity risk premium is 93 percent. The security has no special covenants. What is the bond's default risk premium? (Round your answer to 2 decimal places. Do not include a percentage sign.) You are considering an investment in 30-year bonds issued by a corporation. The bonds have no special covenants. The Wall Street Journal reports that 1-year T-bills are currently earning 6.00 percent. Your broker has determined the following information about economic activity and the corporation bonds: Real interest rate = 4.50% Default risk premium = 3.25% Liquidity risk premium = 1.75% Maturity risk premium - 3.00% What is the fair interest rate on the corporation's 30-year bonds? (Round your answer to 2 decimal places, for example, type 5.00 for 5 percent. Do not include a percentage sign.)