The model best fits the given situation
"principal p is invested at a simple annual interest of rate r for t years" is
Simple interest = (p × r × t)/100.
As we know that, mathematical model is a description of a system using mathematical concepts and language.
The Simple interest is calculated with the following formula:
S.I. = P × R × T,
where P = Principal,
R = Rate of Interest in % per annum,
and T = Time, usually calculated as the number of years.
The rate of interest is in percentage r% and is to be written as r/100.
Therefore, the model best fits the given situation
"principal p is invested at a simple annual interest of rate r for t years" is
Simple interest = (p × r × t)/100.
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