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Patrick works for the Eurotech Manufacturing Company and participates in the savings plan at work. He began the month with a balance in his account
Patrick works for the Eurotech Manufacturing Company and participates in the savings plan at work. He began the month with a balance in his account of 41,900. When he got paid on the last day of the month, the company deposited 8 percent of his gross salary into his savings plan account (4,660 gross salary). The ending balance in his account at the end of the month was 42,300. What was the rate of return for the month in Patrick's savings plan? (in percent)
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