I=$160.67, P=$2000, t=8 monthsI=$160.67, P=$2000, t=8 months

what is the annual interest rate?

The equation that we can use for this problem is,

I = P x r^t

where I is the interest, P is the principal, r is rate and t is time (should be in years). Substituting the known values from the given,

160.67 = 2000 x (r^ (8/12))

The value of r from the equation generated is,

r = 0.0228

Therefore, the rate is approximately 2.28%.