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.)

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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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.)
I= 26.215P
I=221.25P
I= 0.038P
I= 1,283,250P
I=5800P
Transcribed Image Text: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.) I= 26.215P I=221.25P I= 0.038P I= 1,283,250P I=5800P
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