Answer
The star is 3.1 light-years away.
Work Step by Step
We can use this equation to find the distance $D$ to the star:
$D = \frac{d}{\phi}$, where d = 1 AU and $\phi$ is the parallax angle measured in radians.
To use this equation, first we must find $\phi$:
$\phi = (0.00029^{\circ})(\frac{2\pi ~rad}{360^{\circ}}) = 5.06\times 10^{-6}~radians$
Now,
$D = \frac{d}{\phi} = \frac{1.50\times 10^{11}~m}{5.06\times 10^{-6}~radians} = 2.96\times 10^{16}~m$
We can convert this distance to light-years.
$D = (2.96\times 10^{16}~m)(\frac{1 ~light~year}{9.46\times 10^{15}~m}) = 3.1 ~light~years$
The star is 3.1 light-years away.
