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Out of sheer curiousity I pulled out my calculator and examined my ING savings account I opened 2 weeks ago.

Amount in the Account = $10.00
Anual Interest rate = %3.80
Current Interest Rate = %3.735

One, I'm inexperienced in all things monetary so HELP! :)

I'd use a simple interest calculation to figure out how much I'd gain in interest over a single months period right? aka
AMOUNT * RATE = interest gained?

Since the first of february, I've gained 0.02$ in interest, 16 days, half a month.

10$ x 0.03735 = 0.3735$ for 31 days right? so, in 16 days, shouldn't I have received more than 2 pennies?

I think I'm either using the wrong equation, or I'm forgetting to consider something.

What am I doing wrong? :)
Thanks for the help again.
-SF
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