Jie purchased two U.S. Treasury bills on the same day. The first one will mature in 13 weeks for $13,000, with quoted rate of 1.93%. The other one will mature in 26 weeks for $16,000 and has a quoted rate of 2.35%. What is Jie's annual effective yield (as a percent) for the 26-week period, assuming that there are 365 days in a year? (Round your answer to two decimal places.) %

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Treasury Market

On-the-run securities are the most recently issued securities in the market depth and are therefore traded at some premium. The off-the-run securities are the ones issued just before the most recent ones. The on-the-run securities have a lower yield to the investor than the off-the-run securities.