Question: se the formula for the effective rate (annual effective yield) reff = (A) 1/t - 1, where P is an initial investment in dollars, A

se the formula for the effective rate (annual effective yield) reff = (A) 1/t - 1, where P is an initial investment in dollars, A is an accumulated amount in dollars, and t is time in years, to solve the following exercise. Carlos invested $1,000 in a money market mutual fund that pays interest on a daily basis. The balance in his account at the end of 8 months (245 days) was $1,068.70. Find the effective rate at which Carlos's account earned interest over this period (assume a 365-day year). (Round your answer to two decimal places.)

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