The real risk-free rate, r, is 1.6%. Inflation is expected to average 1.5% a year for the next 4 years, after which time inflation is expected to average 4.7% a year. Assume that there is no maturity risk premium. An 8 -year corporate bond has a yield of 12.0%, which includes a liquidity premium of 0.2%. What is its default risk premium? Do not round intermediate calculations. Round your answer to two decimal places