Carlos invested $4,000 in a money market mutual fund that pays interest on a daily basis. The balance in his account at the end of 8 mo (245 days) was $4,163. Find the effective rate at which Carlos's account earned interest over this period (assume a 365-day year). Round your answer to the nearest hundredth of a percent.
r_eff = __________ %/year

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The Answer of Carlos invested $4,000 in a money market mutual fund that pays interest on a daily basis. The balance in his account at the end of 8 mo (245 days) was $4,163. Find the effective rate at which Carlos's account earned interest over this period (assume a 365-day year). Round your answer to the nearest hundredth of a percent. r_eff = __________ %/year

Carlos Invested $4,000 in a Money Market Mutual Fund That