Given:
The principal amount deposited is, P = $200.
The rate of interest is, r =3% = 0.03.
The number of days is, t = 120 days.
The objective is to find the total amount withdrawn after 120 days.
Explanation:
The general formula to find the amount for simple interest is,
[tex]\begin{gathered} A=P+I \\ A=P+(P\times n\times r)\text{ . . . . (1)} \end{gathered}[/tex]
It is known that the number of days in a year is 365 days/year.
Then,
[tex]\begin{gathered} n=\frac{t}{365} \\ n=\frac{120}{365}\text{ . . . . (2)} \end{gathered}[/tex]
To find A :
Substitute the value of equation (2) and all other variables in equation (1).
[tex]\begin{gathered} A=200+(\frac{200\times120\times0.03}{365}) \\ =200+1.9726\ldots. \\ =201.9726\ldots\text{.} \\ \approx202 \end{gathered}[/tex]
Hence, the total amount withdrawn is $202 after 120 days.
