The real risk-free rate is 0.25%. Inflation is expected to average 1.0% a year for the next 2 years, after which time inflation is expected to average 2.00% a year. Assume that there is no maturity risk premium. A 16-year corporate bond has a yield of 16.0%, which includes a liquidity premium of 0.50%. What is its default risk premium? 13.875% 14.250% 13.375% 13.250%