## Thursday, December 8, 2011

### I need help with this math problem please?

a savings account has increased in value over a 12 month period from \$8765.00 to \$9006.04. no deposits or withdraws were made during that time. what annual percent interest did it recieve for the 12 month period?

A. 2.75%

B. 3.67%

C. 9.73%

D. 2.01%

and please explain how to figure it out on my own! Please! in sooo not good at percentages!

thank you|||A

Calculating as simple interest

(9006.04 - 8765.00)/8765.00 = 241.04/8765.00 = 0.0275 = 2.75%|||ure applying for a bank position arent you? just had the same question. ha

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The easiest way is to think of the first figure as being 100% or 1

then divide the current value 9006.04 by 8765.00 this works out to 1.0275 times what is was worth. It has increased by .0275 so multiply this by 100 (or move decimal point 2 places to the right, hence 2.75%.

Hope this helps|||so you see its like this:

you have \$8765 money and an x percentage. and in the end you get \$9006.04.It's simple.

8765.00*x=9006.04

x=9006.04/8765

x=1.0275

So this x means that if you multiply this x with 8765 you'll get 9006.04.

This x isn't percentage yet, so you have to multiply it by 100.

x=102.75%

So this show how much times more money you have, so simply subtract the money you had in the begining(the 100%): 102.75-100=2.75% so this is it.|||Firstly, find the difference, i.e. the interest earned.

9006.04 - 8765.00 = 241.04

Now, put the interest earned over the original amount -

241.04 divided by 8765, then multiply by 100 =

2.750028522532801

Rounds to 2.75%!|||9006.04-8765=.........ans

ans/8765 *100=