Use estimation to select the best response in Problems 5-14. Do not calculate. If (I=P r t)

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Use estimation to select the best response in Problems 5-14. Do not calculate.

If \(I=P r t\) and \(I=\$ 398.90, r=1.05 \%\), and \(t=1\) year, estimate \(P\).

A. \(\$ 400\)

B. \(\$ 40\)

C. \(\$ 40,000\)

D. \(\$ 4,000\)

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