Carlos invested $7,000 in a money market mutual fund that pays interest on a daily basis. The balance in his account at the end of 8 months (245 days) was $7,230.16. Find the effective rate at which Carlos's account earned interest over this period (assume a 365-day year). (Round your answer to two decimal places.)
Carlos invested $7,000 in a money market mutual fund that pays interest on a daily basis. The balance in his account at the end of 8 months (245 days) was $7,230.16. Find the effective rate at which Carlos's account earned interest over this period (assume a 365-day year). (Round your answer to two decimal places.)
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Carlos invested $7,000 in a money market mutual fund that pays interest on a daily basis. The balance in his account at the end of 8 months (245 days) was $7,230.16. Find the effective rate at which Carlos's account earned interest over this period (assume a 365-day year). (Round your answer to two decimal places.)
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