posted by lena on .
sam has a savings amount that increased in value over a twelve month period from $8765.00 to $9006. he made no deposits or with drawls in that time. What percent interest did he receive for the 12 month period
You don't state if this is compounded interest.
Assuming simple interest,
I = PRT (interest = principal x rate x time)
9006 - 8765 = 241 interest
241 = 8765 x R x T
241 = 8765 x R x 1
241 = 8765R
Solve for R, the rate of interest
Multiply R x 100 = percent