Principal (initial amount), P = 7,000
Annual simple interest rate, R = 2%
From date: May 15, 2018
To date: Aug 15, 2018
Duration, T = 92 days (3 Months)
Commission fee (withdrawal or payment), F = 0%
No. of days in a year, N = 365
I = Simple interest:
I = (P × R × T) ÷ N =
(7,000 × 2% × 92) ÷ 365 =
(7,000 × 2 × 92) ÷ (365 × 100) =
1,288,000 ÷ 36,500 ≈
35.287671232877 ≈
35.29
B = Amount earned:
B = P + I =
7,000 + 35.287671232877 =
7,035.287671232877 ≈
7,035.29