The simple interest on an investment is directly proportional to the amount of the investment.By investing $5800 in a municipal bond,you obtained an interest payment of $221.25 after 1 year.Find a mathematical model that gives the interest I for this municipal bond after 1 year in terms of the amount invested P.(Round your answer to three decimal places. )
A) $I = 26.215 P$
B) $I = 221.25 P$
C) $I = 0.038 P$
D) $I = 1,283,250 P$
E) $I = 5800 P$

Question

The simple interest on an investment is directly proportional to the amount of the investment.By investing $5800 in a municipal bond,you obtained an interest payment of $221.25 after 1 year.Find a mathematical model that gives the interest I for this municipal bond after 1 year in terms of the amount invested P.(Round your answer to three decimal places. ) ​
A) $I = 26.215 P$
B) $I = 221.25 P$
C) $I = 0.038 P$
D) $I = 1,283,250 P$
E) $I = 5800 P$

Quizplus · Accepted Answer

The Answer is C

The Simple Interest on an Investment Is Directly Proportional to the Amount