Question: A commercial bank does a reverse repurchase agreement (or reverse repo) with a corporate customer who needs funds for 3 days. The bank agrees to

A commercial bank does a reverse repurchase agreement (or reverse repo) with a corporate customer who needs funds for 3 days. The bank agrees to buy Treasury securities from the corporation at a price of $1,000,000 and promises to sell the securities back to the corporate customer for $1,000,233 after 3 days. Calculate the yield on the reverse repo.

Please round the final answer to three decimal places in percentage form. (Write the percentage sign in the "units" box)

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