if i had 8765.00 in my bank and i made 9006.04 in twelve months with out puting any money in the bank what is the intrest rate that i have

9006.04 - 8765 = 241.04

241.04 / 8765 = 0.0275002852 = 2.75%

i need help with algebra 1A in Math/116

To determine the interest rate in this scenario, you would need to use the formula for compound interest. The formula for compound interest is:

A = P(1 + r/n)^(nt)

Where:
A = the final amount
P = the initial principal (in this case, $8765.00)
r = the annual interest rate (what we need to find)
n = the number of times that interest is compounded per year (typically 12 for monthly compounding)
t = the number of years (in this case, 1 year)

Given the information, we can rearrange the formula and solve for r.

First, let's substitute the known values into the formula:

$9006.04 = $8765.00(1 + r/12)^(12*1)

Next, we can isolate the term with the interest rate, r:

(1 + r/12) = ($9006.04 / $8765.00)^(1/(12*1))

Now, we can solve for r by isolating it:

r/12 = [(9006.04 / 8765.00)^(1/12) - 1]

Finally, multiply both sides by 12 to solve for r:

r = 12[(9006.04 / 8765.00)^(1/12) - 1]

Using a calculator, you can plug in the values and calculate the interest rate.

Keep in mind that compound interest is typically expressed as an annual interest rate, so the result will be an annual interest rate.