Answered

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

Verified Answer :

SJ2006

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!

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