by visitor

(Canada)

Our aim is to find the amount of interest for 30 days. The formula used to calculate the simple interest is:

I = Prt

Here,

Since the time period is 30 days, we are required to convert the number of days into an equivalent number of years. It is a known fact that a year consists of 365 days. This means that we have to divide 30 days by 365 days to get the equivalent number of years.

Now, we have to convert the rate of interest to a decimal by dividing it by 100.

Finally, we will substitute all the known values in the formula for simple interest and evaluate.