Suppose 10-year T-bonds have a yield of 5.10% and 10-year corporate bonds yield 8.10%. Also, corporate bonds have a 0.25% liquidity premium versus a zero liquidity premium for T-bonds, and the maturity risk premium on both Treasury and corporate 10-year bonds is 1.15%. What is the default risk premium on corporate bonds?

a. 2.75% b. 5.35% c. 3.25% d. 7.85% e. 3.00%