#### Principal (initial amount), P = 60,000

#### Annual simple interest rate, R = 2%

#### From date: Oct 31, 2017

#### To date: May 31, 2018

#### Duration, T = 212 days (7 Months)

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

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

## I = Simple interest:

#### I = (P × R × T) ÷ N =

#### (60,000 × 2% × 212) ÷ 365 =

#### (60,000 × 2 × 212) ÷ (365 × 100) =

#### 25,440,000 ÷ 36,500 =

#### 696.986301369863 ≈

#### 696.99

## B = Amount earned:

#### B = P + I =

#### 60,000 + 696.986301369863 =

#### 60,696.986301369863 ≈

#### 60,696.99