The treasurer of a large corporation wants to invest $20 million in excess short-term cash in a particular money market investment. The prospectus quotes the instrument at a true yield of 6.45 percent; that is, the EAR for this investment is 6.45 percent. However, the treasurer wants to know the money market yield on this instrument to make it comparable to the T-bills and CDs she has already bought. If the term of the instrument is 88 days, what is the discount yield (in percent) on this investment? Answer to two decimals, carry intermediate calcs. to four decimals.