Result
The interest is <span>$203670 </span>and the amount is $206670.
Explanation
STEP 1: Convert interest rate of 3.1% per day into rate per year.
<span>rate per year = rate per day⋅365=3.1%⋅365=1131.5%</span>
STEP 2: Find an interest by using the formula <span>I=P⋅i⋅t</span>, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
In this examplee P = $3000, i = 1131.5% and t = 6 years, so
<span><span>III</span><span><span>=P⋅i⋅t</span><span>=3000⋅11.315⋅6</span><span>=203670</span></span></span>
STEP 3: Find an amount by using the formula <span>A=P+I</span>.
Since P = $3000 and I = $203670 we have
<span><span><span>AAA</span><span><span>=P+I</span><span>=3000+203670</span><span>=206670</span></span></span></span>