Question

I=$720, P=$1000, r=9%

Answer 1

I = PRT

720 = (1,000)(0.09)(t)
720 = 90(t)
720/90 = t
8 = t  or t = 8

I am not sure if it is terms  of months or years but 8 is the answer. hope it helps :)

Answer 2

Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. When SI=$720, P=$1000, and r=9%, the required time period is 8years.

What is simple interest?

Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. It is calculated with the help of the formula,

SI = P×R×T

where SI is the simple interest, P is the principal amount, R is the rate of interest, and T is the time period.

Given SI=$720, P=$1000, and r=9%, therefore, the time period needed can be written as,

SI = P×R×T

$720 = $1,000 × 0.09 × T

T = 8 Years

Hence, When SI=$720, P=$1000, and r=9%, the required time period is 8years.

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