The real risk-free rate, r*, is 1.5%. Inflation is expected to average 1.4% a year for the next 4 years, after which time inflation is expected to average 4.6% a year. Assume that there is no maturity risk premium. A 10-year corporate bond has a yield of 8.8%, which includes a liquidity premium of 0.6%. What is its default risk premium? Do not round intermediate calculations. Round your answer to two decimal places.