an investment of 3000 will pay a total of 600dllrs simple interest after 5yrs. what is its annual interest rate?

I = PRT

600 = 3,000 * r * 5

Solve for r

40 annual interest rate

You've misplaced the decimal point. The interest rate is 4%.

To calculate the annual interest rate, we need to use the formula for simple interest:

Interest = Principal * Rate * Time

Given that an investment of $3000 has earned a total interest of $600 over a period of 5 years, we can rearrange the formula to solve for the rate as follows:

Rate = Interest / (Principal * Time)

Substituting the given values:

Rate = $600 / ($3000 * 5)
Rate = $600 / $15000
Rate = 0.04 or 4%

Therefore, the annual interest rate on this investment is 4%.