The real risk-free rate, r*, is 2.15%. Inflation is expected to average 3.45% a year for the next 4 years, after which time inflation is expected to average 4.2% a year. Assume that there is no maturity risk premium. An 11-year corporate bond has a yield of 9.2%, which includes a liquidity premium of 1%. What is its default risk premium? Round your answer to two decimal places