Question

What is the annual rate for I = $160.67, P = $2000, t = 8 months?

Answer 1

It would be: r = I * 100 / P * R
r = 160.67 * 100 / 2000 * 2/3
r = 16067*3 / 4000
r = 48201 / 4000
r = 12.05

So, your final answer is 12.05%

Hope this helps!