Posted by **lena** on Tuesday, January 25, 2011 at 3:50pm.

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

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**helper**, Tuesday, January 25, 2011 at 4:22pm
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

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