In this question, we have to find how long will it take by investing $1000, with interest rate of 3% and to get $300 as interest.
And for that we have to use the simple interest formula, with P as the principal, r is the rate and t is the time. And the formula is
[tex]I = Prt[/tex]
Substituting the values of P , r and t , we will get
[tex]300 = 1000*0.03*t[/tex]
[tex]300=30t[/tex]
Now we need to isolate t, and for that, we divide both sides by 30, that is
[tex]t=10 years[/tex]
