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March 24, 2017

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An account invested in a money market fund grew from $67,081.2 to $67,359.39 in a month. What was the annual interest rate?

  • math - ,

    67359.39/67081.20 = 1.004147

    so, that's .4147%/month = 4.9%/yr

    assuming simple interest, or compound interest, compounded monthly

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