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

Question

asked May 12, 2018 212k views

1 Answer

Patterson · Answer 1 · 2018-05-17T04:28:31+0000

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.