Question

Rebecca Wright earned $115 in simple interest for 8 months at an annual interest rate of 5%. How much money did she invest?

Answer 1

The answer is 3450

Explanation:

I=Prt

P=??

I=115

r=5%

t=8 months which is two thirds of a year

115=P×5%×2/3

115=1/30P

P=3450