Respuesta :
The required time would be four years for $1,000 to amount to $1,350 at 9 percent simple interest.
What is the simple interest?
Simple interest is defined as interest paid on the original principal and calculated with the following formula:
S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years. The rate of interest is in percentage r% and is to be written as r/100.
We have been given data as:
Principal (P) = $1,000
Amount (A) = $1,350
Rate of Interest (R) = 9% = 9/100 = 0.09
Time (T) = ?
⇒ Simple interest = A - P = $1,350 - $1,000 = $350
⇒ S.I. = P × R × T
Substitute the value of P, R, and S.I. in the above formula,
⇒ 350 = 1000× 9% × T
⇒ 350 = 1000× 9/100 × T
⇒ 350 = 1000× 0.09 × T
Apply the multiplication operation, and we get
⇒ 350 = 90T
⇒ T = 350/90
⇒ T = 3.88 ≈ 4
Therefore, the required time would be four years for $1,000 to amount to $1,350 at 9 percent simple interest.
Learn more about the simple interest here:
brainly.com/question/22621039
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