Explanation: Interest can be calculated as follows: I = Prt where: I is the interest we want to canlculate P is the principle amount = $1400 r is the interest rate in decimal = 9% = 0.09 t is the time in years = 270/365
Substitute with the givens in the above equation to get the value of the interest as follows: I = 1400 * 0.09 * (270/365) I = $93.205
