Preheat the oven to 500°F (260°C).

Season the beef eye of round roast with garlic powder, onion powder, salt, and pepper. Place the seasoned roast in a roasting pan or baking dish. Do not cover or add water.

Place the roast in the preheated oven. Immediately reduce the temperature to 475°F (245°C).

Roast the beef for 21 minutes, calculating seven minutes per pound of meat.

After 21 minutes, turn off the oven but do not open the door. Let the roast sit in the hot oven for 2 1/2 hours. It's crucial not to open the oven door during this time to allow the roast to continue cooking slowly.

After 2 1/2 hours, remove the roast from the oven. The internal temperature of the roast should have reached at least 145°F (65°C) for medium doneness.

Carve the roast into thin slices and serve.

This method produces a tender and flavorful roast similar to prime rib but at a more budget-friendly price. Enjoy your "poor man's prime rib"!