Principal (initial amount), P = 130
Annual simple interest rate, R = 2%
From date: Feb 19, 2018
To date: Feb 19, 2019
Duration, T = 365 days (12 Months)
Commission fee (withdrawal or payment), F = 0%
No. of days in a year, N = 365
I = Simple interest:
I = (P × R × T) ÷ N =
(130 × 2% × 365) ÷ 365 =
(130 × 2 × 365) ÷ (365 × 100) =
94,900 ÷ 36,500 =
2.6
B = Amount earned:
B = P + I =
130 + 2.6 =
132.6