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How does the seven-day annualized rate calculate the daily income?

the calculation formula of seven-day annualized rate of return is: (return during the investment period ÷ principal) ÷7×365×1%. "Rate of return refers to the rate of return on investment, generally expressed as an annual percentage. Seven-day annualized rate of return is the annual rate of return converted from the net income per 1, fund shares of the Monetary Fund in the past seven days. Seven-day annualized rate of return is the data obtained after annualization.