Principal (initial amount), P = 800
Annual simple interest rate, R = 8%
From date: May 14, 2012
To date: Mar 30, 2016
Duration, T = 1,416 days (46 Months and 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 =
(800 × 8% × 1,416) ÷ 365 =
(800 × 8 × 1,416) ÷ (365 × 100) =
9,062,400 ÷ 36,500 ≈
248.284931506849 ≈
248.28
B = Amount earned:
B = P + I =
800 + 248.284931506849 =
1,048.284931506849 ≈
1,048.28