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Find the annual interest rate. Round your answer to the nearest hundredth of a percent. I=$160.67, P=$2000, t=8 months

Find the annual interest rate. Round your answer to the nearest hundredth of a percent. I=$160.67, P=$2000, t=8 months
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Find the annual interest rate. Round your answer to the nearest hundredth of a percent. I=$160.67, P=$2000, t=8 months

User VanThaoNguyen
by
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1 Answer

5 votes
Let would be the annual interest rate such that,
I = P x r^t
For the 1st
160.67 = (2000) x r*8/12 ; r = 0.02277
The second case is just the same.
User Patterson
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8.4k points
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