ok sam has a savings account that increased in value over a twelve month period from 8765.00 to 9006.04. he made no deposits or withdreals in that time. what percent intrest did he receive for the 12 month period? HOw to i figure that out??
9006.04 - 8765.00 = 241.04 total interest
241.04 / 8765 = ?
Multiply that decimal answer by 100 to find the percentage.
2.75
To find out the percentage interest Sam received for the 12-month period, you can follow these steps:
1. Determine the amount of interest earned: Subtract the initial value of the savings account from the final value. In this case, 9006.04 - 8765.00 = 241.04.
2. Divide the interest earned by the initial value: Divide 241.04 by 8765.00. This will give you the decimal representation of the interest rate earned.
241.04 / 8765.00 ≈ 0.0275
3. Convert the decimal to a percentage: Multiply the decimal by 100 to convert it into a percentage.
0.0275 * 100 = 2.75%
Therefore, Sam received approximately 2.75% interest for the 12-month period.
To calculate this, remember the formula for calculating percent: (interest / initial value) * 100.