What is the annual rate for I = $160.67, P = $2000, t = 8 months?

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asked Jul 25, 2017 190k views

1 Answer

SBSTP · Answer 1 · 2017-07-29T04:49:35+0000

It would be: r = I * 100 / P * R
r = 160.67 * 100 / 2000 * 2/3
r = 16067*3 / 4000
r = 48201 / 4000
r = 12.05

So, your final answer is 12.05%

Hope this helps!

What is the annual rate for I = $160.67, P = $2000, t = 8 months?

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