The Treasury Department auctioned $31 billion in 3-month bills in denominations of $10,000 at a discount rate of 6.000%.

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answerhappygod
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The Treasury Department auctioned $31 billion in 3-month bills in denominations of $10,000 at a discount rate of 6.000%.

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The Treasury Department auctioned $31 billion in 3-month billsin denominations of $10,000 at a discount rate of 6.000%.
What would be the effective rate of interest? (Use calendaryear. Do not round intermediate calculations. Round youranswer to the nearest hundredth percent.)
Effective rate of interest percent:
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