Problema Solution
Sam has a savings account that has increased in value over a twelve month period from $8,765 to $9,006.04. What annual percent interest did he receive for the 12 month period?
Answer provided by our tutors
Interest = 9,006.04 - 8,765 = $241.04
Annual Percent Interest = 241.04 / 8765 = 0.0275 or 2.75%