Answer:
6%/year
Step-by-step explanation:
Solving our equation
r = 300 / ( 1000 × 5 ) = 0.06
r = 0.06
converting r decimal to a percentage
R = 0.06 * 100 = 6%/year
The interest rate required to
accumulate simple interest of $ 300.00
from a principal of $ 1,000.00
over 5 years is 6% per year.
