Use Estimation to Select the Best Response $I = \rho r t$

Multiple Choice

Use estimation to select the best response. If $I = \rho r t$ and $P = \$ 59,360.55$ , $r = 9.5 \%$ , and $t = 2 \text { years }$ , estimate $I$ .

A) $\$ 300,000$
B) $\$ 140,000$
C) $\$ 6,000$
D) $\$ 12,000$
E) $\$ 700$