a 45 day locked savings account Our interest rates is based on an annual amount.

Example: 7% is the nominal rate, while the effective rate you actually get, is slightly higher. Every midnight (daily) we calculate a rate of (7% / 365) on the balance. We then accrue that in an "interest bucket" for that account. At the end of the month we add that bucket to the balance in the account. (I.e. we capitalise it.) That means that the next month you will earn interest on the balance plus the interest we've added. That is why the actual effective rate you get, is slightly higher than the nominal rate we quote.

say 1500 south african Rands is deposited how much would interest be at the end of the first month ?