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The treasurer of a large corporation wants to invest $24 million in excess short-term cash in a particular money market investment. The prospectus quotes the

The treasurer of a large corporation wants to invest $24 million in excess short-term cash in a particular money market investment. The prospectus quotes the instrument at a true yield of 3.01 percent; that is, the EAR for this investment is 3.01 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 80 days, what is thepercentagediscount yields on this investment?

(Do not round intermediate calculations. Enter your answers as a percent rounded to 3 decimal places.)

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