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  • 09-02-2017
  • Mathematics
Answered

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

Verified Answer :

Anonymous Anonymous
  • 09-02-2017

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.

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