Sam has a savings account that increased in value over a twelve month period from $8765.00 to $9006.06. He made no deposits or withdrwals in that time. What percent interest did he receive for the 12 month period?

9,006.06 - 8765 = 241.06

It increased $241.06. What do you think you should do with these figures to get a percent interest rate between 1 and 5 percent?