At present, 20-year U.K. government gilts are yielding 5.4 percent, while some 20-year U.K. corporate bonds that you are interested in are yielding 9.6 percent.

Assuming that the maturity-risk premium on both bonds is the same and that the liquidity-risk premium on the U.K. corporate bonds is 0.3 percent while it is 0.0 percent on the U.K.

government gilts, what is the default-risk premium on the corporate bonds?