Problem

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.)

Solution

Step 1 :\(73,554.76 - 73,263.43 = 291.33\)

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

Step 3 :\(\text{Rounding to the nearest tenth, the interest rate is } 0.4\%\)

Step 4 :\(73,263.43 * 0.004 + 73,263.43 = 73,554.76\)

Step 5 :\(\boxed{0.4\%}\)

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Source: https://solvelyapp.com/problems/XPw4qr47Iy/

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