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

1 answer:

3 0

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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