Answer:
P = $6923
Step-by-step explanation:
The simple interest formula is given by
1) I = principal *interest rate * time period
where I is the interest
The amount due after the time period is given by:
2) T = principal + I
After three months, you have $9.000, so T = 9000. The present value P is the principal. We have that:
9000 = P + I
I = 9000 - P
In our problem, we have that the time period is 3 months and out interest rate is 10%.
Replacing in 1)
9000 - P = P*0,1*3
9000 = 0.3P + P
1.3P = 9000
P = $6923
So the present value P is $6923
