Answer:
3.70%
Explanation:
Data given in the question
Invested amount = $2,500,000
Received amount = $2,592,400
Number of days of commercial paper = 190
So, the holding period rate of return is
= (Received amount - invested amount) ÷ (Invested amount)
= ($2,592,400 - $2,500,000) ÷ ($2,500,000)
= ($92,400) ÷ ($2,500,000)
= 3.70%
It could be expressed in percentage only
