We can solve for the monthly interest rate using the formula for simple growth in a financial account:

$A = P(1 + r)$

Where:

• $A$ is the final amount = 73,590.33
• $P$ is the initial amount = 73,294.94
• $r$ is the monthly interest rate (we need to find it).

Step 1: Solve for $r$

$73,590.33 = 73,294.94 (1 + r)$

Divide both sides by 73,294.94:

$\frac{73,590.33}{73,294.94} = 1 + r$

$1.004 = 1 + r$

Step 2: Isolate $r$

$r = 1.004 - 1 = 0.004$

Step 3: Convert to Percentage

$r \times 100 = 0.4\%$

Thus, the monthly interest rate is:

$\boxed{0.4\%}$

Let me know if you need further clarification or additional details!

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5 Related Questions:

1. How is compound interest different from simple interest in such calculations?
2. How do you calculate an annualized interest rate from a monthly rate?
3. What if there are withdrawals or deposits? How does that impact interest calculations?
4. What formulas can be used for calculating returns over multiple months?
5. How does inflation affect real returns on money market investments?

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Tip: Always double-check for rounding instructions in finance problems, as small errors can lead to significant differences over time.