Subjects finance

Interest Time 79F095

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Interest Time 79F095


1. The problem is to find the interest or amount related to €9000 at 3% interest rate and compare it with €770. 2. The formula for simple interest is $$I = P \times r \times t$$ where $I$ is interest, $P$ is principal, $r$ is rate (in decimal), and $t$ is time in years. 3. Convert the percentage rate to decimal: $$3\% = 0.03$$. 4. To find the time $t$ when interest $I = 770$ and principal $P = 9000$, rearrange the formula: $$t = \frac{I}{P \times r}$$. 5. Substitute the values: $$t = \frac{770}{9000 \times 0.03} = \frac{770}{270} \approx 2.85$$ years. 6. This means it takes approximately 2.85 years to earn €770 interest at 3% on €9000. 7. If the question was to find the interest for 1 year, it would be: $$I = 9000 \times 0.03 \times 1 = 270$$. Final answer: The time to earn €770 interest at 3% on €9000 is approximately $$2.85$$ years.