The real risk-free rate, r", is 1.9%. Inflation is expected to average 1.6% a year for the next 4 years, after which time inflation is expected to average 5.0% a year. Assume that there is no maturity risk premium. An 11-year corporate bond has a yield of 8.5%, 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, %