An account invested in a money market fund grew from ​$73 comma 358.27 to ​$73 comma 656.43 in a month. What was the interest rate to the nearest​ tenth?
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Part 1
What was the interest​ rate?
  
enter your response here​%
​(Do not round until the final answer. Then round to the nearest tenth as​ needed.)

To find the interest rate of the money market fund, we need to calculate the percentage increase from the initial amount to the final amount. Here's how we can do it:

1. **Determine the increase in the account value:**

\[
\text{Increase} = \text{Final amount} - \text{Initial amount}
\]

\[
\text{Increase} = 73,656.43 - 73,358.27 = 298.16
\]

2. **Calculate the interest rate:**

The interest rate can be calculated using the formula for percentage increase:

\[
\text{Interest Rate} = \left( \frac{\text{Increase}}{\text{Initial amount}} \right) \times 100
\]

\[
\text{Interest Rate} = \left( \frac{298.16}{73,358.27} \right) \times 100
\]

Now, let's compute the interest rate:

\[
\text{Interest Rate} \approx \left( \frac{298.16}{73,358.27} \right) \times 100 \approx 0.4066\%
\]

3. **Round the interest rate to the nearest tenth:**

\[
\text{Interest Rate} \approx 0.4\%
\]

### Answer:

The interest rate is approximately **0.4%**.

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Would you like more details or have any questions?

Here are 5 related questions to further your understanding:
1. How do you calculate compound interest for multiple periods?
2. What is the difference between simple interest and compound interest?
3. How can the interest rate impact the growth of an investment over time?
4. How do different types of investments compare in terms of risk and return?
5. What are money market funds, and how do they work?

**Tip:** Always double-check your calculations to avoid small errors, especially in financial computations!

Learn how to calculate the interest rate of a money market fund using an example where an account grew from $73,358.27 to $73,656.43 in a month. Includes step-by-step calculation of percentage increase and interest rate to the nearest tenth.

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