The real risk$-$free rate, r$*,$ is $1\mathrm{.}9\%.$ Inflation is expected to average $1\mathrm{.}6\%$ a year for the next $4$ years, after which time inflation is expected to average $5\mathrm{.}4\%$ a year. Assume that there is no maturity risk premium. An $11-$year corporate bond has a yield of $8\mathrm{.}5\%,$ which includes a liquidity premium of $0\mathrm{.}4\%.$ What is its default risk premium? Do not round intermediate calculations. Round your answer to two decimal places