math 104

if $516 yeilds $58 in simple interestover 6 years, what is the annual rate

P=principle=$516
I = Interest = $58
t = time = 6 years
r = rate (as a decimal)

I=Prt
58 = 516 * r * 6
58/(516*6) = r
r = 0.01873385
r = 1.873385 %