An account invested in a money market fund grew from $$ 73, 263.43$ to $$ 73, 554.76$ in a month. What was the interest rate to the nearest tenth?

What was the interest rate?
$%$
(Do not round until the final answer. Then round to the nearest tenth as needed.)

Answer

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Answer

$0.4 %$

Steps

Step 1 ： $73, 554.76 - 73, 263.43 = 291.33$

Step 2 ： $\frac{291.33}{73, 263.43} * 100 = 0.3976 %$

Step 3 ： $Rounding to the nearest tenth, the interest rate is 0.4 %$

Step 4 ： $73, 263.43 * 0.004 + 73, 263.43 = 73, 554.76$

Step 5 ： $0.4 %$