If you want to compare this a T-bill with a bond, you need to convert the Bank Discount Rate into a Bond Equivalent Yield. What is the Bond Equivalent Yield for a 318-day T-bill priced at $9,700.00?

Recall:

• When using a Bond Equivalent Yield, you use simple interest rate, 365 days, and the price as the initial price.

{Give your answer as a percentage with 2 decimals, e.g., if the answer is 0.0345224 (or 3.45224%) , enter 3.45 as your answer.}