The simple interest on an investment is directly proportional to the amount of the investment. An investment of $5500 earns $233.75 after 1 year. Find a mathematical model that gives the interest N after 1 year in terms of the amount invested P.
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Since the simple interest is directly proportional to the amount of the investment, we can write the relationship as: $N = kP$, where k is the constant of proportionality. Show more…
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