1. A portfolio manager with boyd Asset Management, purchased a 270-day US Treasury bill with a face value of $50,000 at a quoted discount rate of 2.80% based on a 360-day year.

Three months (90 days) have now elapsed and Boyd sold the now 180-day T-bill at a quoted discount rate of 2.50% based on a 360-day year. What is Boyds annualized return based on a 360-day year