Principal (initial amount), P = 100
Annual simple interest rate, R = 3%
From date: Dec 9, 2016
To date: Jan 9, 2017
Duration, T = 31 days
Commission fee (withdrawal or payment), F = 0%
No. of days in a year, N = 365
I = Simple interest:
I = (P × R × T) ÷ N =
(100 × 3% × 31) ÷ 365 =
(100 × 3 × 31) ÷ (365 × 100) =
9,300 ÷ 36,500 ≈
0.254794520548 ≈
0.25
B = Amount earned:
B = P + I =
100 + 0.254794520548 =
100.254794520548 ≈
100.25