In the given scenario with the data points (3, 100) and (7, 120), the slope of 5 represents the rate of change of the amount of water in the tank with respect to time. To clarify each option:
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There are initially 5 liters in the tank when Matt starts filling it. - This is likely referring to the y-intercept (b) of the line, not the slope.
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The amount of water increases 1 liter for every 5 minutes. - This would imply a much smaller slope, not 5.
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The amount of water increases 5 liters for each minute. - This accurately describes the meaning of the slope of 5. It indicates that for every minute that passes, the amount of water in the tank increases by 5 liters.
Therefore, the correct interpretation of the slope of 5 in this situation is that the amount of water increases 5 liters for each minute.