The real risk-free rate, r*, is 1.7%. Inflation is expected to average 1.6% a year for the next 4 years, after which time inflation is expected to average 5.1% a year. Assume that there is no maturity risk premium. An 11-year corporate bond has a yield of 9.5%, which includes a liquidity premium of 0.5%. What is its default risk premium? Do not round Intermediate calculations. Round your answer to two decimal places. %