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16 February, 01:36

Brianna cruz earned $130 in simple intrest in 9 months at an annual interest rate of 8%. How much money did she invest?

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  1. 16 February, 03:37
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    She invested $2,167

    Explanation:

    As interest rate is not compounded, the 9-month interest of a 8% annual interest is simply:

    8% * 9 / 12 = 6%

    Let A be the amount of money she invest. After 9 month she will receive:

    A * 0.06 dollars.

    And the actual amount is $130. So she invested

    A = $130 / 0.06 = $2,167
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