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Sam has a savings account that increased in value over a twelve month period from $8,765.00 to $9,006.04.What annual percent interest did he receive?

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1 Answer

the increase is 9006.04-8765.00 = 241.04 over the period of one year. As a % if the initial amount is 100*241.04/8765.00 = 2.75%/yr