Find the annual interest rate. round your answer to the nearest hundredth of a percent. i=$160.67, p=$2000, t=8 monthsi=$160.67, p=$2000, t=8 months

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%.

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step-by-step explanation: