Principal (initial amount), P = 300
Annual simple interest rate, R = 12%
From date: Aug 7, 2017
To date: Aug 15, 2017
Duration, T = 8 days
Commission fee (withdrawal or payment), F = 0%
No. of days in a year, N = 365
I = Simple interest:
I = (P × R × T) ÷ N =
(300 × 12% × 8) ÷ 365 =
(300 × 12 × 8) ÷ (365 × 100) =
28,800 ÷ 36,500 ≈
0.78904109589 ≈
0.79
B = Amount earned:
B = P + I =
300 + 0.78904109589 =
300.78904109589 ≈
300.79