Finding the analytical solution for stress concentration around a circular hole in a flat rectangular plate under tensile load involves using the stress concentration factor (Kt), which can range up to 3.0 based on the hole size. The Kt value is influenced by the hole diameter and its proximity to the plate edges, as detailed in Peterson's Stress Concentration Factors. For small hole diameters relative to the plate dimensions, simplifications can be made to the differential equations. The regular stress due to the tensile load is multiplied by Kt to determine the stress concentration. This classic mechanics problem is well-documented in standard mechanics of materials texts.