The real risk-free rate, r*, is 1.6%. Inflation is expected to average 1.4% a year for the next 4 years, after which time inflation is expected to average 4.9% a year. Assume that there is no maturity risk premium. A 9-year corporate bond has a yield of 11.4%, 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.

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