The formula for simple interest is the following:
[tex]I=\frac{P*r*t}{100}[/tex]Where I is the earned interest, P is the principal or money invested, r is the annual interest rate and t is the time in years.
The given information is P=$2000, r=5% and t=3 years.
Replace these values and solve for I:
[tex]\begin{gathered} I=\frac{2000*5\%*3}{100\%} \\ I=\frac{30000}{100} \\ I=300 \end{gathered}[/tex]He will be paid $300 in the first 3 years.
