Question

f29 Diane initially deposited $11,000 into a money market account and made no additional deposits or withdrawals. When she closed the account in exactly one year, its value had grown to $11,125. Calculate the annual growth rate for the money market account. Round your answer to two places after the decimal. about us careers privacy policy terms of use contact us help
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Answer #1

Annual growth rate =

(maturity value - initially deposited value)/initial deposit

= (11,125-11,000)/11,000

= 125/11,000

= .01136= .0114

So growth rate is 1.14%

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