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

question 22

Multiple Choice

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) \(I = 5800 P\)