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The treasurer of a large corporation wants to invest $24 million in excess short-term cash in...

The treasurer of a large corporation wants to invest $24 million in excess short-term cash in a particular money market investment. The prospectus quotes the instrument at a true yield of 3.01 percent; that is, the EAR for this investment is 3.01 percent. However, the treasurer wants to know the money market yield on this instrument to make it comparable to the T-bills and CDs she has already bought. If the term of the instrument is 80 days, what is the percentage discount yields on this investment

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