In the past, interest was paid by financial entities on the basis of day of deposit to day of withdrawal implying that interest was credited to an account every day where a financial year is 360 days. A checking account at a financial entity has stated that the nominal interest rate is 1.08% per year and has said interest is credited daily to the balance. What is the effective yield on a yearly basis at this entity in percentage terms with 4 digits after the decimal point? Use discrete compounding for this calculation.