#### Principal (initial amount), P = 6,000

#### Annual simple interest rate, R = 8%

#### From date: Jan 11, 2019

#### To date: Feb 11, 2019

#### Duration, T = 31 days

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

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

## I = Simple interest:

#### I = (P × R × T) ÷ N =

#### (6,000 × 8% × 31) ÷ 365 =

#### (6,000 × 8 × 31) ÷ (365 × 100) =

#### 1,488,000 ÷ 36,500 ≈

#### 40.767123287671 ≈

#### 40.77

## B = Amount earned:

#### B = P + I =

#### 6,000 + 40.767123287671 =

#### 6,040.767123287671 ≈

#### 6,040.77