The Land and Agricultural Bank of South Africa issues a Land Bank bill with a nominal value of R 2 000 000 , it has a tenure of 92 days and it is issued at a discount rate of 12.00% . Then, 49 days later (i.e. 43 days before the expiry), the original investor trades the instrument at a discount rate of 10.80% . What would the buyer in the primary market's annual yield be if the instrument was held to maturity