Answer:
The annual interest rate is 12.05%.
Step-by-step explanation:
The simple interest is given by the formula:
![I=\dfrac{P\times R\times T}{100}](https://tex.z-dn.net/?f=I%3D%5Cdfrac%7BP%5Ctimes%20R%5Ctimes%20T%7D%7B100%7D)
Where I denotes interest.
P denotes the principal amount.
R denotes the rate of interest
and T denotes the time period.
I=$160.67, P=$2000, t=8 months=8/12 years (Since 12 months=1 year so 1 month=1/12 year)
![160.67=\dfrac{2000\times R \times \dfrac{8}{12}}{100}\\\\R=12.05%](https://tex.z-dn.net/?f=160.67%3D%5Cdfrac%7B2000%5Ctimes%20R%20%5Ctimes%20%5Cdfrac%7B8%7D%7B12%7D%7D%7B100%7D%5C%5C%5C%5CR%3D12.05%25)
Hence, the annual interest rate is 12.05%.