SOLUTION: Eliana has $2600 to invest for 6 months. If she needs the money to earn $104 in that time, at what rate of simple interest must Eliana invest.
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Question 565226: Eliana has $2600 to invest for 6 months. If she needs the money to earn $104 in that time, at what rate of simple interest must Eliana invest.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Pr
104=2600*r/2
r/2=104/2600
r=(104/2600)(2)
r=0.08=8%
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