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Review Numbers & Money Exchange│ Unit1115d) Simple interest -Days (Counting Days)For some transactions, the exact number of days in a borrowing or an investing period has to be calculated. This is the case when the beginning and end dates of a certain transaction are given. The calculation is basedon the number of days in a calendar year.There are two ways to find the number of days: manuallyor by usinga timetable as follows:2021Jan31Feb28Mar31Arp30May31Jun 30Jul31Aug31Sep30Oct31Nov30Dec312022Jan31Feb28Mar31Arp30May31Jun 30Jul31Aug31Sep30Oct31Nov30Dec312023Jan31Feb28Mar31Arp30May31Jun 30Jul31Aug31Sep30Oct31Nov30Dec312024Jan31Feb29Mar31Arp30May31Jun 30Jul31Aug31Sep30Oct31Nov30Dec31►Using time table for a regular yearthat divide by 4 with fraction (i.eyear 2023), February is 28 days.►For a leap yearthat divide by 4 without fraction (i.e year 2024), February is 29 days. We may need to add 1 if the date 29 is within the period.JanFebMarAprMayJunJulAugSepOctNovDecJanFebMar312831303130313130313031312931Reading 4-3-1: 20232024►Find the number of days from 3rdMay 2022to13thSeptember 2022.Solution:T1=13SepFrom Timetable = 256 daysT2=3May From Timetable =123 daysTime (T) = T2-T1.: N. of days = 256 123 = 133daysExample 4-3-5:Simple Interest│ Unit 4