What is the effective rate of a $30,000 non-interest-bearing simple discount 5%, 60-day note?

30000 due at the end of 60 years

I'll assume that the number of days in year is 360

I=30,000*0.05 * (60:360) = 250

Cash in hand at the beginning of 60 days is

30,000-250=29,750

The effective rate is

R=I:pt

R=250: (29,750 * (60:360))

R=0.0504*100

R=5.04%