document.write( "Question 1057113: How much should you invest at 2.1% simple interest in order to earn $55 interest in 12 months? \n" ); document.write( "
Algebra.Com's Answer #672192 by solve_for_x(190)\"\" \"About 
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For simple interest, the interest earned is given by:\r
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\n" ); document.write( "\n" ); document.write( "Interest = Principal * Rate * Time\r
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\n" ); document.write( "\n" ); document.write( "with the Rate expressed as a decimal, and the Time in years.\r
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\n" ); document.write( "\n" ); document.write( "To earn interest of $55 at 2.1% interest for 1 year:\r
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\n" ); document.write( "\n" ); document.write( "55 = P * 0.021 * 1\r
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\n" ); document.write( "\n" ); document.write( "P = 55 / 0.021\r
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\n" ); document.write( "\n" ); document.write( "P = $2,619.05 (rounded to the nearest cent)\r
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