Simon has an individual retirement plan. His money is invested in a money fund that pays interest on a daily basis. Over a two year period in which deposits or withdrawals were made, the balance of his account grew from 4500.00 to 5268.24. The effective rate over this period is:

1. 8.2%
2. 5.8%
3. 9.0%
4. 6.1%
5. 8.5%