Question

What is the interest rate, as a percent, that is necessary to earn 300 dollars in simple interest if 6000 dollars are invested for 5 years, to 1 decimal place?

Answer 1

I = Prt
$300 = $6000 x r x 5
$300 = $30000 x r
r = $300÷$30000
r = 0.01

The interest rate should be 1% to earn 300 dollars in simple interest terms.