SOLUTION: 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 withdrawals in that time. What percent interest did h

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: 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 withdrawals in that time. What percent interest did h      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 328865: 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 withdrawals in that time. What percent interest did he recieve for the 12 month period?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
8765(1+X)^1=9006.04
8765+8765X=9006.04
8765X=9006.04-8765
8765X=241.04
X=241.04/8765
X=.0275 OR 2.75% INTEREST RATE.