#### Principal (initial amount), P = 1,000

#### Annual simple interest rate, R = 10%

#### From date: Mar 21, 2018

#### To date: Mar 21, 2019

#### Duration, T = 365 days (12 Months)

#### Commission fee (withdrawal or payment), F = 0%

#### No. of days in a year, N = 365

## I = Simple interest:

#### I = (P × R × T) ÷ N =

#### (1,000 × 10% × 365) ÷ 365 =

#### (1,000 × 10 × 365) ÷ (365 × 100) =

#### 3,650,000 ÷ 36,500 =

#### 100

## B = Amount earned:

#### B = P + I =

#### 1,000 + 100 =

#### 1,100