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A capital of $ 50,000,000 was deposited over a period of 12 months, earning 4.2% during the first 8 months and 4.2% payable day in
A capital of $ 50,000,000 was deposited over a period of 12 months, earning 4.2% during the first 8 months and 4.2% payable day in advance during the last 3 months (month 10, 11 and 12). If the amount at the end of the 12 months reached $ 52,263,460, what was the interest rate earned in the ninth month?
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