Joe invested a certain sum of money in a simple interest bond whose value grew to $460 at the end of 3 years and to $560 at the end of another 5 years. What was the rate of interest in which he invested his sum?
Choose the correct choice from the following choices.
A) 3%	B) 4%	C) 5%	D) 6%	E) 7%
In 5 years, the value grew $100, so the simple interest was $20 per year.   In 3 years, the total interest was 3*$20 = $60   The principal is $460 - $60 3* 20= 
<gadget id="calculator">3* 20</gadget>
<output>60</output>
$60   The principal is $460 - $60 = 400.   The interest rate is $20/$400 460 -  60= 
<gadget id="calculator">460 -  60</gadget>
<output>400</output>
400.   The interest rate is $20/$400= 5%   The answer is 5%.
<result>C</result>
Joe invested a certain sum of money in a simple interest bond whose value grew to $460 at the end of 3 years and to $560 at the end of another 5 years. What was the rate of interest in which he invested his sum?