Suppose that on January $1,2024,$ the price of a one$-$year Treasury bill$-$with a face value of $$1,000-$is $$960\mathrm{.}16.$ Investors expect that the inflation rate will be $3\%$ during $2024,$ but at the end of the year, the inflation rate turns out to have been $1\%.$

The nominal interest rate on the bill $($measured as the yield to maturity$)$ is $\%.($Round your response to two decimal places.$)$