Chandler Co.'s 5-year bonds yield 9%, and 5-year T-bonds yield 5%. The real risk-free rate is r* = 3%, the inflation premium for 5-year bonds is IP = 1.60%, the liquidity premium for Chandler's bonds is LP = 1.1% versus zero for T-bonds, and the maturity risk premium for all bonds is found with the formula MRP = (t - 1)*0.1%, where t = number of years to maturity. What is the default risk premium (DRP) on Chandler's bonds? (Round your answer to 2 decimal places.)