Principal (initial amount), P = 5,000
Annual simple interest rate, R = 3%
From date: Jun 29, 2017
To date: Jul 15, 2017
Duration, T = 16 days
Commission fee (withdrawal or payment), F = 0%
No. of days in a year, N = 365
I = Simple interest:
I = (P × R × T) ÷ N =
(5,000 × 3% × 16) ÷ 365 =
(5,000 × 3 × 16) ÷ (365 × 100) =
240,000 ÷ 36,500 ≈
6.575342465753 ≈
6.58
B = Amount earned:
B = P + I =
5,000 + 6.575342465753 =
5,006.575342465753 ≈
5,006.58