#### 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