Find the missing measure (simular figures)
1 answer:
You might be interested in
Answer:
The annual interest rate is 12.05%.
Step-by-step explanation:
The simple interest is given by the formula:
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)
Hence, the annual interest rate is 12.05%.