Question

Can somebody please help me on this i don't get it

Answer 1

let's recall that a year has 12 months, thus 8 months is really 8/12 of a year, so

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$ 160.67\\ P=\textit{original amount deposited}\dotfill & \$2000\\ r=rate\to r\%\to (r)/(100)\\ t=years\to (8)/(12)\dotfill &(2)/(3) \end{cases} \\\\\\ 160.67 = (2000)((r)/(100))((2)/(3))\implies 160.67=\cfrac{4000r}{300} \implies 160.67=\cfrac{40r}{3} \\\\\\ 482.01=40r\implies \cfrac{482.01}{40}=r\implies \stackrel{ \% }{12.05}\approx r`