Raven W.

asked • 03/22/16

Simple Interest



Rita invested $10,000.00 in a mutual fund that pays interest on a daily basis. The balance in her account at the end of the 8 months (245 days) was $10,475.25. Find the effective rate ar which Rita's account earned interest over this period. Assume a 365-day year.

For this purpose only (not for your work or the exam), round to the nearest integer. Do not put the percent sign.

1 Expert Answer

By:

Ron G. answered • 03/22/16

Tutor
4.4 (26)

Multiple levels Math, Science, Writing

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