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Question about the interest rate percentage and the expected monthy interest earned deposit on high yield savings account.
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I have $1002.08 in one high yield savings with a rate of 2.87% at the start of September. The deposit from the earned interest on October 1st was $1.96. If the interest rate was 2.87% all of September, shouldn’t the earned interest for that month be $2.39? What am I not understanding if the $1.96 interest is correct? Sorry if I don’t reply might be heading to bed soon on the East coast.
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