Question

1. find the amount of time.

i = $720, p = $1000, r = 9%
=
the amount of time is ______ years.

Explanation:

Step1: Recall simple interest formula

$I = P \times r \times t$

Step2: Rearrange for time $t$

$t = \frac{I}{P \times r}$

Step3: Convert rate to decimal

$r = 9\% = 0.09$

Step4: Substitute values and calculate

$t = \frac{720}{1000 \times 0.09} = \frac{720}{90} = 8$

Answer:

8 years