Step 1: Use the relation between half-life and decay constant.
The half-life \( t_{1/2} \) is related to the decay constant \( \lambda \) by:
\[
t_{1/2} = \frac{\ln 2}{\lambda}
\]
Substituting \( t_{1/2} = 3 \, \text{min} \), we find:
\[
\lambda = \frac{\ln 2}{3} = 0.693 \, \text{minute}^{-1}
\]