Principal (initial amount), P = 1,000
Annual simple interest rate, R = 7.59%
From date: May 5, 2012
To date: Jun 30, 2012
Duration, T = 56 days (1 Month and 25 Days)
Commission fee (withdrawal or payment), F = 0%
No. of days in a year, N = 365
I = Simple interest:
I = (P × R × T) ÷ N =
(1,000 × 7.59% × 56) ÷ 365 =
(1,000 × 7.59 × 56) ÷ (365 × 100) =
425,040 ÷ 36,500 ≈
11.644931506849 ≈
11.64
B = Amount earned:
B = P + I =
1,000 + 11.644931506849 =
1,011.644931506849 ≈
1,011.64