Physics · Electrostatic Potential

How does the electrostatic potential \( V \) due to a point charge vary with distance \( r \) compared to the electrostatic field magnitude \( E \)?

1. \( V \propto \frac{1}{r^2} \) and \( E \propto \frac{1}{r} \)
2. \( V \propto \frac{1}{r} \) and \( E \propto \frac{1}{r^2} \)
3. Both \( V \) and \( E \) are proportional to \( \frac{1}{r} \)
4. Both \( V \) and \( E \) are proportional to \( \frac{1}{r^2} \)