What would be the interest rate to earn $500 on an investment of $1500 in 3 years when using simple interest? Result should be in % and rounded to 2 decimal numbers.

To calculate the interest rate using the formula for simple interest, you need to rearrange the formula to solve for the rate. The formula for simple interest is I = PRT, where I is interest, P is principal, R is rate, and T is time.

Step 1: Rearrange the formula to solve for R: R = I / (PT)

Step 2: Substitute the given values into the formula: R = 500 / (1500 * 3)

Step 3: Calculate the result: R = 0.1111 (or 11.11% when expressed as a percentage)

So, the interest rate needed to earn $500 on an investment of$1500 in 3 years using simple interest is approximately 11.11%.