Today is November 1 2021, Jason plans to make a 360-day investment using two consecutive 180-day $500,000 bank bills. The maturity proceeds of the first bill will be rolled over into the second bill. The purchase yields for the two 180-day bills will be 2.91% and 3.56% p.a., respectively. Note that any surplus funds after 180 days can be invested for 180 days at a rate of 3.97% p.a. simple interest.

c) What annual rate of simple interest will Jason earn on his 360-day investment? Express your answer in terms of percentage and round it to four decimal places

a.

3.1611%

b.

3.3671%

c.

3.2194%

d.

3.2641%