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math

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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

  • math - ,

    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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