VTech Co.'s 5-year bonds yield 19%, and 5-year T-bonds yield 5.15%. The inflation premium for 5-year bonds is IP = 1.75%, the real risk-free rate is r* = 3.0%, the liquidity premium for VTechs bonds is LP = 0.75% versus zero for T-bonds, and the maturity risk premium for all bonds is found with the formula MRP = (t - 1) ( 0.1%), where t = number of years to maturity. What is the default risk premium (DRP) on VTech's bonds (in percent)?