Assume that interest rate parity holds. In both the spot market and the 90-day forward market 1 Japanese yen equals 0.0088 dollar. In Japan, 90-day risk-free securities yield 4%. Assume 360 days per year.

The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.

What is the yield on 90-day risk-free securities in the United States? Do not round intermediate calculations. Round your answer to two decimal places.