Find the effective yield on a discount loan with the given discount rate r and the time. (Round your answer to two decimal places.) r = 2.7%, 11 months I tried using the equation r=(1+i/t)^t, but could not come up with the exact correct answer. I know the answer should be about 2.8 or 2.9. Is this the correct equation? I'm not exactly sure how the discount loan part plays into this. Thanks.