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love history [14]
3 years ago
11

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

Mathematics
1 answer:
FinnZ [79.3K]3 years ago
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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