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Annual rate of simple interest

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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 3.09% and 3.49% p.a., respectively. Note that any surplus funds after 180 days can be invested for 180 days at a rate of 3.79% p.a. simple interest.

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

Reference no: EM133061628

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