The real risk-free rate, r*, is 2%. Inflation is expected to average 1.95% a year for the next 4 years, after which time inflation is expected to average 5.45% a year. Assume that there is no maturity risk premium. An 11-year corporate bond has a yield of 11.35%, which includes a liquidity premium of 0.85%. What is its default risk premium? Do not round intermediate calculations. Round your answer to two decimal places.