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

question 23

Multiple Choice

The simple interest on an investment is directly proportional to the amount of the investment.By investing $2400 in a certain bond issue,you obtained an interest payment of $111.75 after 1 year.Find a mathematical model that gives the interest I for this bond issue after 1 year in terms of the amount invested P.(Round your answer to three decimal places. ) ​

• A) \(I = 0.047 P\)
• B) \(I = 268,200 P\)
• C) \(I = 21.477 P\)
• D) \(I = 2400 P\)
• E) \(I = 111.75 P\)

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