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The Treasury Department auctioned $28 billion in 3-month bills in denominations of $10,000 at a discount rate of 5.550%. What would be the effective rate

The Treasury Department auctioned $28 billion in 3-month bills in denominations of $10,000 at a discount rate of 5.550%. What would be the effective rate of interest? (Use calendar year. Do not round intermediate calculations. Round your answer to the nearest hundredth percent.)

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