Final answer:
The interest rate is calculated by dividing the interest earned in a month by the initial principal amount and then converting that figure to a percentage. After doing the math, the interest rate for the money market fund investment is found to be approximately 0.4% to the nearest tenth.
Step-by-step explanation:
To find the interest rate, we need to know the amount of interest earned and the initial principal amount. The interest earned is the difference between the final amount and the initial amount.
Interest Earned = Final Amount - Initial Principal
Interest Earned = $73,554.14 - $73,258.79
Interest Earned = $295.35
Now, we calculate the interest rate by dividing the interest earned by the initial principal and then converting it to a percentage.
Interest Rate = (Interest Earned / Initial Principal) × 100
Interest Rate = ($295.35 / $73,258.79) × 100
Interest Rate = 0.403%
So, the interest rate to the nearest tenth percent is 0.4%.