SOLUTION: sam has a savings account that increased in value over a 12 month period from $8765.00 to 9006.04 he made no deposits or withdrawels in that time. what percent interest did he reci
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Question 472925: sam has a savings account that increased in value over a 12 month period from $8765.00 to 9006.04 he made no deposits or withdrawels in that time. what percent interest did he recieve for that 12 month period?
a.2.75%
b.3.67%
c.9.73%
d.2.01%
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Sam has a savings account that increased in value over a 12 month period from $8765.00 to 9006.04 he made no deposits or withdrawels in that time. what percent interest did he recieve for that 12 month period?
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Quantitative Gain: 9006.04-8765.00 = 241.04
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Percent Gain: 241.04/8765 = 0.0275 = 2.75%
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Cheers,
Stan H.
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a.2.75%
b.3.67%
c.9.73%
d.2.01%
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