(Calculating the default-risk premium) At present, 10-year Treasury bonds are yielding 4.4% while a 10-year corporate bond is yielding 6.8%. If the liquidity-risk premium on the corporate bond is 0.7%, what is the corporate bond's default-risk premium? Note that a Treasuty security should have no default-risk premium and liquidity-risk premium. The corporate bond's default-risk premium is 3%. (Round to one decimal place.)