You are a manager of a big insurance company. You are considering whether to invest in a T-bill and how it affects the total yield of your fixed-income portfolio.

You have recently obtained the information about the T-bill (as below) but it does not contain the bond equivalent yield (i.e. investment rate). Hence, you want to calculate the BEY of this T-bill for ease of comparison.

What is the bond equivalent yield of this T-bill?

Express your answer in percent and round it to 3 decimal places. i.e. if you find the yield is 0.002356, write down 0.236 (without the percent sign).

For mediate Release CONTACT: Treasury Auctions December 22, 2021 202-504-3550 TREASURY AUCTION RESULTS Term and Type of Security 119-Day Bill CUSIP Number 912796U23 High Rate' 0.110% Allotted at High 67.38% Price 99.963639 Investment Rate Median Rate 0.100% Low Rate 0.070% Issue Date December 28, 2021 Maturity Date April 26, 2022 For mediate Release CONTACT: Treasury Auctions December 22, 2021 202-504-3550 TREASURY AUCTION RESULTS Term and Type of Security 119-Day Bill CUSIP Number 912796U23 High Rate' 0.110% Allotted at High 67.38% Price 99.963639 Investment Rate Median Rate 0.100% Low Rate 0.070% Issue Date December 28, 2021 Maturity Date April 26, 2022