Answer:
It depends on the amount of days in a month:
If 28 days: 3.57%
If 29 days: 3.45%
If 30 days: 3.33%
If 31 days: 3.23%
Step-by-step explanation:
1. Provided a month is defined as 30 days - change 30 days to correct amount for specified month. For days in a month, see table below.
2. Multiply daily income by days in a month: $3.50 * 30 days = $105.00/month.
2. Divide specified amount of $3.50 by monthly income: $3.50 ÷ $105.00 = 0.03333
3. Multiply faction by 100 to make into a percentage: 0.03333 * 100 = 3.333%
The duration of a month will vary.
January: 31 days; 3.23%
February: 28 days in a common year and 29 days in leap years; 3.57% or, if leap year, 3.45%
March – 31 days; 3.23%
April – 30 days; 3.33%
May – 31 days; 3.23%
June – 30 days; 3.33%
July – 31 days; 3.23%
August – 31 days; 3.23%
September – 30 days; 3.33%
October – 31 days; 3.23%
November – 30 days; 3.33%
December – 31 days; 3.23%.
