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
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
1 answer
1 answer