#### Principal (initial amount), P = 702

#### Annual simple interest rate, R = 3%

#### From date: Nov 22, 2016

#### To date: Dec 22, 2016

#### Duration, T = 30 days

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

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

## I = Simple interest:

#### I = (P × R × T) ÷ N =

#### (702 × 3% × 30) ÷ 365 =

#### (702 × 3 × 30) ÷ (365 × 100) =

#### 63,180 ÷ 36,500 ≈

#### 1.73095890411 ≈

#### 1.73

## B = Amount earned:

#### B = P + I =

#### 702 + 1.73095890411 =

#### 703.73095890411 ≈

#### 703.73