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.)

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.)

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.4: Geometric Sequences And Series

Problem 7SC

See similar textbooks

Similar questions

The half-life of radioactive actinium ( 227AC ) is 21.77 years. What percent of a present amount of radioactive actinium will remain after 19 years?
The resistance of a copper wire carrying an electrical current is directly proportional to its length and inversely proportional to its cross-sectional area. A copper wire with a diameter of 0.0126inch has a resistance of 64.9ohms per thousand feet. What length of 0.0201-inch-diameter copper wire will produce a resistance of 33.5ohms?

Recommended textbooks for you

College Algebra (MindTap Course List)

Algebra

ISBN:

9781305652231

Author:

R. David Gustafson, Jeff Hughes

Publisher:

Cengage Learning