Compute the interest rate, or yield, earned by a non$-$coupon$-$paying $($discount$)$ bond that is purchased on June $1,2015$ and that matures on May $31,2017.$ Assume that the price per $$100$ face value of the bond is $$104,$ the redemption value per $$100$ of face value is $$100,$ and the basis is $0($US $($NASD$)30/360).$ Remember: You can express the bond$$s settlement and redemption dates either as a normal date $($e$.$g$.,6/01/2015$ enclosed in quotation marks$)$ or as a sequential integer value found using the DATEVALUE function. If you elect to use the sequential integer method, use the DATEVALUE to determine that the appropriate value for June $1,2015$ is $42156,$ and the corresponding date for May $31,2017$ is $42886.($Note: Round your answer to two decimal places.$)$

DISC

EFFECT

NOMINAL

RATE

A

B

$1$ Data Description

$2$ Settlement date $6/1/2015$

$3$ Maturity Date $5/31/2017$

$4$ Price $104$

$5$ Redemption value $100$

$6$ Basis $0$

$7$ Interest Rate $=$DISC$($B$2,$ B$3,$ B$4,$ B$5,$ B$6)$

$8$

$\%$