SOLUTION: Carlos invested $3,000 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 $3,183. Find the effective ra

SOLUTION: Carlos invested $3,000 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 $3,183. Find the effective ra

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Question 676722: Carlos invested $3,000 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 $3,183. Find the effective rate at which Carlos's account earned interest over this period (assume a 365-day year).
A) 9.11%.
B) 9.21%.
C) 6.09%.
D) 6.29%.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A 9.11%
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