A U.S. investor purchases a 30-day Eurocommercial paper with a par value of 10,000,000 Brazilian reals for a price of 9,970,000 Brazilian reals. If the real is worth $0.28, the spot rate is anticipated to be $0.288900 per real at the end of maturity, and Investor holds the Eurocommercial paper until then, assuming a 360 day year, the effective yield is:

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