Homework Help: math

Posted by Anonymous on Friday, March 30, 2012 at 11:01am.

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 - Steve, Friday, March 30, 2012 at 12:14pm
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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