Principal (initial amount), P = 10,000
Annual simple interest rate, R = 3%
From date: Jan 15, 2018
To date: Jan 15, 2023
Duration, T = 1,826 days (60 Months)
Commission fee (withdrawal or payment), F = 0%
No. of days in a year, N = 365
I = Simple interest:
I = (P × R × T) ÷ N =
(10,000 × 3% × 1,826) ÷ 365 =
(10,000 × 3 × 1,826) ÷ (365 × 100) =
54,780,000 ÷ 36,500 ≈
1,500.821917808219 ≈
1,500.82
B = Amount earned:
B = P + I =
10,000 + 1,500.821917808219 =
11,500.821917808219 ≈
11,500.82