A company's 5-year bonds are yielding 9.7% per year. Treasury bonds with the same maturity are yielding 6% per year, and the real risk-free rate (r*) is 2.6%. The average inflation premium is 3%, and the maturity risk premium is estimated to be 0.1(t - 1)%, where t = number of years to maturity. If the liquidity premium is 0.6%, what is the default risk premium on the corporate bonds?